Cyclone, Pennsylvania Property Taxes
The median property tax rate in Cyclone, PA is 3.44%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Cyclone at $22,520, the typical annual property tax bill reaches $774, which is relatively modest but still exceeds the national median of $2,690. Property taxes in Cyclone are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cyclone'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 Cyclone 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
Cyclone, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.44%
Estimate Property Tax Bill
$775
Ownwell’s Cyclone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cyclone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cyclone 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 Cyclone, Pennsylvania
Property taxes in Cyclone, Pennsylvania, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cyclone is 3.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cyclone set these rates annually, and they can vary across different neighborhoods. Each year, Cyclone 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 Cyclone's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 16726 has the highest median property tax rate of 3.44%, while the same zip code also has the lowest median tax rate of 3.44%. Understanding how these areas compare with Cyclone 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 Cyclone Tax Rate
3.44%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cyclone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16726 | 2.67% | 3.44% | 3.44% | 3.44% | 3.79% |
Source: Ownwell
Property Tax Assessment Values Across Cyclone, Pennsylvania
In Cyclone, 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 Cyclone, 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 Cyclone is $22,520, and the tax bills range widely, with the 25th percentile at $482 and the 90th percentile reaching $2,805. The zip code with both the highest and lowest median tax bill is 16726, with a median tax bill of $774. Being aware of these valuation processes in Cyclone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cyclone Assessed Value
$22,520
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 Cyclone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16726 | $9,584 | $14,252 | $22,520 | $47,552 | $97,592 |
Source: Ownwell
Property Tax Bills Across Cyclone, Pennsylvania
In Cyclone, McKean County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price is $22,520, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Cyclone see a range of tax bills, with the 25th percentile at $482 and the 75th percentile at $1,567, while the 90th percentile reaches up to $2,805. Compared to the national median property tax rate of 0.99%, Cyclone's tax bills reflect local economic conditions and property values. The highest and lowest median tax bills in the area are both $774, indicating some consistency in tax assessments within the zip code 16726. These property taxes fund essential services like schools, infrastructure, and public safety, directly impacting the quality of life for homeowners in Cyclone.
Average Cyclone Tax Bill
$774
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cyclone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16726 | $226 | $482 | $774 | $1,567 | $2,805 |
Source: Ownwell