Knox, Pennsylvania Property Taxes
The median property tax rate in Knox, PA is 7.76%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Knox, the typical annual property tax bill reaches $1,258, exceeding the national median of $2,690. Property taxes in Knox 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 Knox'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 Knox 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
Knox, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.76%
Estimate Property Tax Bill
$1,241
Ownwell’s Knox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knox 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 Knox, Pennsylvania
Property taxes in Knox, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox is 7.76%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Knox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox 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 Knox's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16232 zip code has both the highest and lowest median property tax rate of 7.76%. Understanding how these cities compare with Knox provides valuable insights into the varying tax landscape across Clarion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox Tax Rate
7.76%
Average Clarion County Tax Rate
8.04%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16232 | 7.56% | 7.56% | 7.76% | 8.41% | 8.41% |
Source: Ownwell
Property Tax Assessment Values Across Knox, Pennsylvania
In Knox, 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 Clarion 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 Knox, 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 Knox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Knox, the median home price is $15,989, with the 25th percentile tax bill at $767 and the 75th percentile tax bill at $1,810. The highest and lowest median tax bills are both found in the 16232 zip code, at $1,258.
Average Knox Assessed Value
$15,989
Average Clarion County Assessed Value
$13,522
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16232 | $4,326 | $9,730 | $15,989 | $22,879 | $30,761 |
Source: Ownwell
Property Tax Bills Across Knox, Pennsylvania
In Knox, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the Clarion County tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Knox homeowners, the median home price stands at $15,989, significantly lower than the national median property tax rate of 0.99%. The tax bill can vary widely; for instance, the 25th percentile tax bill is $767, while the 75th percentile reaches $1,810, and the 90th percentile soars to $2,423. These variations depend on several factors, including property size, location, and any applicable exemptions or abatements. Homeowners in Knox should be aware of these factors as they directly influence their annual tax obligations. Understanding how these elements interplay can help homeowners anticipate their financial responsibilities and possibly seek adjustments or appeals if they believe their property has been over-assessed.
Average Knox Tax Bill
$1,258
Average Clarion County Tax Bill
$1,119
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16232 | $334 | $767 | $1,258 | $1,810 | $2,423 |
Source: Ownwell