Kane, Pennsylvania Property Taxes
The median property tax rate in Kane, PA is 3.06%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $13,800 in Kane, the typical annual property tax bill is $422, which is below the national median of $2,690. Property taxes in Kane are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Kane's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kane or another part of Elk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kane, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$422
Ownwell’s Kane Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kane with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Kane to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, 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 Kane, Pennsylvania
Property taxes in Kane, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kane is 3.06%, significantly higher than the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Kane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kane 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 Kane's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16735 zip code has the highest median property tax rate of 3.06%, while the same zip code also reports the lowest median tax rate of 3.06%. Understanding how these cities compare with Kane provides valuable insights into the varying tax landscape across Elk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kane Tax Rate
3.06%
Average Elk County Tax Rate
3.06%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | 3.06% | 3.06% | 3.06% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Kane, Pennsylvania
In Kane, 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 Elk 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. In Kane, 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 Kane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Kane ranges from $236 at the 25th percentile to $1,630 at the 90th percentile, with the highest and lowest median tax bills both being $422 in the 16735 zip code.
Average Kane Assessed Value
$13,800
Average Elk County Assessed Value
$39,300
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | $3,400 | $7,700 | $13,800 | $27,050 | $51,880 |
Source: Ownwell
Property Tax Bills Across Kane, Pennsylvania
In Kane, located in Elk County, PA, property tax bills are determined based on the assessed value of a home. The median home price in Kane is $13,800, and property taxes are calculated by applying the local tax rate to this assessed value. The tax bill can vary significantly, with the 25th percentile at $236 and the 75th percentile at $832, indicating a range of tax burdens among homeowners. The 90th percentile tax bill reaches up to $1,630, highlighting the upper end of the spectrum. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the community. Compared to the national median property tax rate of 0.99%, Kane's tax rates reflect the local economic conditions and funding needs. Homeowners must budget for these taxes, as they are a significant component of homeownership costs, influencing both affordability and long-term financial planning.
Average Kane Tax Bill
$422
Average Elk County Tax Bill
$1,325
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Kane, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16735 | $106 | $236 | $422 | $832 | $1,630 |
Source: Ownwell