Lake Lynn, Pennsylvania Property Taxes
The median property tax rate in Lake Lynn, PA is 0.74%, notably lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $38,960 in Lake Lynn, the typical annual property tax bill is $282, which is significantly less than the national median of $2,690. Property taxes in Lake Lynn are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Lake Lynn's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve considerable annual savings. Whether you're located in the heart of Lake Lynn or its surrounding areas, gaining insight into the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Lake Lynn, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$288
Ownwell’s Lake Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lynn 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 Lynn, Pennsylvania
Property taxes in Lake Lynn, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lynn is 1.35%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Lake Lynn set these rates annually, and they can vary across different neighborhoods. Each year, Lake Lynn 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 Lynn's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15451 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Lake Lynn provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Lynn Tax Rate
0.74%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Lynn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15451 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lynn, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Lynn, Pennsylvania. 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 Fayette 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. Assessment notices in Lake Lynn 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. The median home price in Lake Lynn is $38,960, with tax bills varying significantly across different percentiles. For example, the tax bill at the 25th percentile is $143, while at the 75th percentile, it rises to $476. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Lynn Assessed Value
$38,960
Average Fayette County Assessed Value
$51,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Lynn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15451 | $7,065 | $21,232 | $38,960 | $66,172 | $127,302 |
Source: Ownwell
Property Tax Bills Across Lake Lynn, Pennsylvania
In Lake Lynn, Fayette County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government officials and is a percentage of the property's market value. This value is then multiplied by the tax rate to calculate the annual tax bill. For instance, homeowners in Lake Lynn with a median home price of $38,960 can expect to see a range of tax bills. The 25th percentile tax bill is $143, while the 75th percentile reaches $476, and the 90th percentile can be as high as $922. These figures show significant variation, reflecting differences in property values and possibly the application of exemptions or appeals. Compared to the national median property tax rate of 0.99%, Lake Lynn's rates can offer some relief to homeowners, depending on their property's assessed value. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Lake Lynn Tax Bill
$282
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lynn, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15451 | $47 | $143 | $282 | $476 | $922 |
Source: Ownwell