Crosby, Pennsylvania Property Taxes
The median property tax rate in Crosby, PA is 3.37%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Crosby at $32,450, the typical annual property tax bill reaches $969, which is below the national median of $2,690. Property taxes in Crosby 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 Crosby'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 Crosby 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
Crosby, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.37%
Estimate Property Tax Bill
$1,094
Ownwell’s Crosby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crosby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crosby 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 McKean County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Crosby, Pennsylvania
Property taxes in Crosby, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crosby is 1.35%, higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Crosby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crosby 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 Crosby's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16724 zip code has the highest median property tax rate of 1.35%, while the 16724 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Crosby 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 Crosby Tax Rate
3.37%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crosby, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16724 | 2.41% | 2.75% | 3.37% | 3.37% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across Crosby, Pennsylvania
In Crosby, 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 Crosby, 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 Crosby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $969 in zip code 16724, which also has the lowest median tax bill at $969.
Average Crosby Assessed Value
$32,450
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 Crosby, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16724 | $11,067 | $12,138 | $32,450 | $49,625 | $88,952 |
Source: Ownwell
Property Tax Bills Across Crosby, Pennsylvania
In Crosby, located in McKean 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 the county and reflects a percentage of the property's market value. For instance, with a median home price of $32,450, homeowners can expect their property tax bill to vary significantly. Factors such as location, property size, and improvements can influence the assessed value. In Crosby, the tax bill at the 25th percentile is around $410, while at the 75th percentile, it rises to approximately $1,564. The highest median tax bill in the area is $969, which is consistent across the zip code 16724. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how Crosby's rates stack up. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses and overall financial planning.
Average Crosby Tax Bill
$969
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Crosby, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16724 | $373 | $410 | $969 | $1,564 | $1,947 |
Source: Ownwell