Derrick City, Pennsylvania Property Taxes
The median property tax rate in Derrick City, 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 Derrick City at $17,880, the typical annual property tax bill reaches $604, which is significantly lower than the national median of $2,690. Property taxes in Derrick City 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 Derrick City'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 Derrick City 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
Derrick City, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.94%
Estimate Property Tax Bill
$704
Ownwell’s Derrick City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derrick City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derrick City 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 Derrick City, Pennsylvania
Property taxes in Derrick City, Pennsylvania, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Derrick City is 3.94%, significantly higher than the U.S. national median of 0.99%. Local government entities within Derrick City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derrick City 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 Derrick City's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 16727 has the highest median property tax rate of 3.94%, while the same zip code also has the lowest median tax rate of 3.94%. Understanding how these areas compare with Derrick City 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 Derrick City 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 Derrick City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16727 | 2.68% | 3.71% | 3.94% | 3.94% | 3.94% |
Source: Ownwell
Property Tax Assessment Values Across Derrick City, Pennsylvania
In Derrick City, 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 Derrick City, 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 Derrick City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Derrick City is $604.00, both found in zip code 16727.
Property Tax Assessment Values Across Derrick City, Pennsylvania
Source: Ownwell
$10,750
$24,615
$38,480
Average Derrick City Assessed Value
$17,880
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 Derrick City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16727 | $9,608 | $12,430 | $17,880 | $35,450 | $64,024 |
Source: Ownwell
Property Tax Bills Across Derrick City, Pennsylvania
In Derrick City, McKean County, PA, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by county assessors. Homeowners in Derrick City typically see tax bills that vary significantly based on their property's assessed value and the specific tax rate applied. For instance, the median home price in Derrick City is $17,880, with property tax bills ranging from the 25th percentile at $483 to the 75th percentile at $1,285. At the 90th percentile, tax bills can reach up to $2,103. These figures illustrate how property tax bills can differ widely even within the same locality, reflecting differences in property values and specific assessment details. Compared to the national median property tax rate of 0.99%, the tax rates in Derrick City can be relatively modest, but they still represent a significant financial consideration for homeowners. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances accordingly.
Average Derrick City Tax Bill
$604
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Derrick City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16727 | $324 | $483 | $604 | $1,285 | $2,103 |
Source: Ownwell