Monroeton, Pennsylvania Property Taxes
The median property tax rate in Monroeton, PA is 3.27%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Monroeton at $51,995, the typical annual property tax bill reaches $1,621, which, although lower than the national median of $2,690, still represents a substantial burden for homeowners. Property taxes in Monroeton are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Monroeton'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 Monroeton or another part of Bradford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroeton, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.27%
Estimate Property Tax Bill
$1,700
Ownwell’s Monroeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroeton 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 Monroeton, Pennsylvania
Property taxes in Monroeton, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroeton is 3.27%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Monroeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroeton 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 Monroeton's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18832 zip code has both the highest and lowest median property tax rate of 3.27%. Understanding how these cities compare with Monroeton provides valuable insights into the varying tax landscape across Bradford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroeton Tax Rate
3.27%
Average Bradford County Tax Rate
3.22%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18832 | 2.22% | 3.16% | 3.27% | 3.34% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Monroeton, Pennsylvania
In Monroeton, 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 Bradford County Appraisal District 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. Assessment notices in Monroeton 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 Monroeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1,621, both found in zip code 18832.
Average Monroeton Assessed Value
$51,995
Average Bradford County Assessed Value
$61,590
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18832 | $21,359 | $33,100 | $51,995 | $77,784 | $107,819 |
Source: Ownwell
Property Tax Bills Across Monroeton, Pennsylvania
In Monroeton, located in Bradford County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, determined by the county's assessment office. This value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $51,995, homeowners can expect varying tax bills, with the 25th percentile paying around $1,030 and the 75th percentile paying approximately $2,365. The tax bill can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. For higher-valued properties, the tax bill can reach up to $3,100, placing a considerable financial obligation on homeowners. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly influencing the quality of life in Monroeton. Understanding these factors helps homeowners better prepare for their annual financial responsibilities.
Average Monroeton Tax Bill
$1,621
Average Bradford County Tax Bill
$1,935
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroeton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18832 | $624 | $1,030 | $1,621 | $2,365 | $3,100 |
Source: Ownwell