Bradford, Pennsylvania Property Taxes
The median property tax rate in Bradford, PA is 3.94%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Bradford at $23,685, the typical annual property tax bill reaches $947, which is below the national median of $2,690. Property taxes in Bradford 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 Bradford'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 Bradford or another part of McKean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bradford, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.94%
Estimate Property Tax Bill
$933
Ownwell’s Bradford Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bradford, PA. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bradford to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by McKean County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Bradford, Pennsylvania
Property taxes in Bradford, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradford is 3.94%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Bradford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradford 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 Bradford's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16701 zip code has both the highest and lowest median property tax rate of 3.94%. Understanding how these cities compare with Bradford provides valuable insights into the varying tax landscape across McKean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradford Tax Rate
3.94%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16701 | 3.45% | 3.79% | 3.94% | 3.94% | 5.29% |
Source: Ownwell
Property Tax Assessment Values Across Bradford, Pennsylvania
In Bradford, 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 McKean 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 Bradford, 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. For instance, the median home price in Bradford is $23,685, with tax bills ranging from $504 at the 25th percentile to $3,774 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 16701, with a median tax bill of $947. By understanding 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 Bradford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bradford Assessed Value
$23,685
Average Mckean County Assessed Value
$23,400
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16701 | $7,442 | $12,895 | $23,685 | $50,822 | $104,779 |
Source: Ownwell
Property Tax Bills Across Bradford, Pennsylvania
In Bradford, located in McKean County, PA, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. This assessed value is then multiplied by the tax rate set by the local government. Homeowners in Bradford experience a range of property tax bills, with the 25th percentile at $504 and the 75th percentile at $1,922. The 90th percentile tax bill can go up to $3,774, showcasing the variability based on property values and local rates. The median home price in Bradford is relatively low at $23,685, which contributes to the overall lower property tax bills compared to the national median property tax rate of 0.99%. For residents, these property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community.
Average Bradford Tax Bill
$947
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16701 | $295 | $504 | $947 | $1,922 | $3,774 |
Source: Ownwell