Lemont Furnace, Pennsylvania Property Taxes
The median property tax rate in Lemont Furnace, PA is 2.65%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lemont Furnace, the typical annual property tax bill reaches $1,339, exceeding the national median of $2,690. Property taxes in Lemont Furnace 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 Lemont Furnace'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 Lemont Furnace or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lemont Furnace, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$1,340
Ownwell’s Lemont Furnace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lemont Furnace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lemont Furnace 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 Fayette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lemont Furnace, Pennsylvania
Property taxes in Lemont Furnace, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lemont Furnace is 2.65%, significantly higher than the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lemont Furnace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lemont Furnace 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 Lemont Furnace's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 15456 has both the highest and lowest median property tax rate of 2.65%. Understanding how these cities compare with Lemont Furnace 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 Lemont Furnace Tax Rate
2.65%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lemont Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15456 | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Lemont Furnace, Pennsylvania
In Lemont Furnace, 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 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. In Lemont Furnace, 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 Lemont Furnace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lemont Furnace is $50,550, with tax bills ranging from $860 at the 25th percentile to $3,127 at the 90th percentile. The highest and lowest median tax bills are both $1,339 in zip code 15456.
Property Tax Assessment Values Across Lemont Furnace, Pennsylvania
Source: Ownwell
$15,915
$211,818
$407,720
Average Lemont Furnace Assessed Value
$50,550
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 Lemont Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15456 | $16,630 | $32,450 | $50,550 | $77,620 | $118,974 |
Source: Ownwell
Property Tax Bills Across Lemont Furnace, Pennsylvania
In Lemont Furnace, located in Fayette County, PA, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in this area is $50,550, which serves as the basis for calculating property taxes. Homeowners can expect their tax bills to vary significantly, ranging from the 25th percentile at $860 to the 75th percentile at $2,046, with the 90th percentile reaching up to $3,127. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Fayette County's rates can present a considerable financial impact on homeowners, particularly those with higher-valued properties. Understanding these factors is crucial for homeowners to anticipate their tax liabilities and plan their finances accordingly.
Average Lemont Furnace Tax Bill
$1,339
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lemont Furnace, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15456 | $435 | $860 | $1,339 | $2,046 | $3,127 |
Source: Ownwell