Graceton, Pennsylvania Property Taxes
The median property tax rate in Graceton, PA is 2.32%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Graceton being $50,000, the typical annual property tax bill reaches $1,202, exceeding the national median of $2,690. Property taxes in Graceton 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 Graceton'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 Graceton 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
Graceton, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$1,160
Ownwell’s Graceton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graceton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graceton 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 Graceton, Pennsylvania
Property taxes in Graceton, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graceton is 2.32%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Graceton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graceton 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 Graceton's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15748 zip code has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with Graceton provides valuable insights into the varying tax landscape across Indiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graceton Tax Rate
2.32%
Average Indiana County Tax Rate
2.03%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graceton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15748 | 2.32% | 2.32% | 2.32% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Graceton, Pennsylvania
In Graceton, 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 Indiana 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 Graceton, 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. The median home price in Graceton is $50,000, with tax bills ranging from $228 at the 25th percentile to $2,306 at the 90th percentile. The zip code with the highest and lowest median tax bill is 15748, both at $1,202. Being aware of these valuation processes in Graceton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Graceton Assessed Value
$50,000
Average Indiana County Assessed Value
$98,600
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graceton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15748 | $2,000 | $3,000 | $50,000 | $68,700 | $98,180 |
Source: Ownwell
Property Tax Bills Across Graceton, Pennsylvania
In Graceton, Indiana County, PA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Graceton is $50,000. To determine your tax bill, the assessed value of your property is multiplied by the local tax rate. For example, if your home is assessed at the median value, your tax bill will fall within a range influenced by various factors such as property location and any applicable exemptions. Homeowners in Graceton can expect their tax bills to vary widely. At the 25th percentile, the tax bill is around $228, while at the 75th percentile, it can reach $1,625. For those in the 90th percentile, the tax bill can be as high as $2,306. The highest median tax bill in the area is $1,202, which is significantly higher than the national median property tax rate of 0.99%. This variation affects homeowners differently, impacting their annual budgets and financial planning.
Average Graceton Tax Bill
$1,202
Average Indiana County Tax Bill
$2,051
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Graceton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15748 | $47 | $228 | $1,202 | $1,625 | $2,306 |
Source: Ownwell