Lake Como, Pennsylvania Property Taxes
The median property tax rate in Lake Como, PA is 2.31%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lake Como, the typical annual property tax bill reaches $4,183, exceeding the national median of $2,690. Property taxes in Lake Como are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Como's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake Como or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Como, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$4,181
Ownwell’s Lake Como Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Como with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Como to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Como, Pennsylvania
Property taxes in Lake Como, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Como is 2.31%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lake Como set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Como estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lake Como's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 18437 has the highest median property tax rate of 2.31%, while it also has the lowest median tax rate of 2.31%. Understanding how these areas compare with Lake Como provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Como Tax Rate
2.31%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Como, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18437 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Lake Como, Pennsylvania
In Lake Como, Pennsylvania, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Wayne County Assessment Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lake Como, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lake Como helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,183, found in the 18437 zip code.
Average Lake Como Assessed Value
$181,000
Average Wayne County Assessed Value
$179,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Como, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18437 | $75,300 | $127,000 | $181,000 | $280,000 | $395,200 |
Source: Ownwell
Property Tax Bills Across Lake Como, Pennsylvania
In Lake Como, property tax bills are calculated based on the assessed value of a home, which is determined by the Wayne County tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Lake Como experience a range of tax bills, with the 25th percentile paying around $2,934 and the 75th percentile facing bills up to $6,468. The 90th percentile sees tax bills as high as $9,129. Factors influencing the tax bill include the property's location, size, and any improvements or renovations made. These elements contribute to the assessed value, which is then multiplied by the local tax rate to determine the final bill. Compared to the national median property tax rate of 0.99%, homeowners in Lake Como may find their tax bills higher, reflecting the specific local tax rates and property values. This system ensures that property taxes are proportionate to the value and condition of each home, impacting homeowners' annual financial planning.
Average Lake Como Tax Bill
$4,183
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Como, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18437 | $1,740 | $2,934 | $4,183 | $6,468 | $9,129 |
Source: Ownwell