Gifford, Pennsylvania Property Taxes
The median property tax rate in Gifford, 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 Gifford at $22,650, the typical annual property tax bill reaches $781, which is lower than the national median of $2,690. Property taxes in Gifford 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 Gifford'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 Gifford 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
Gifford, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.44%
Estimate Property Tax Bill
$779
Ownwell’s Gifford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gifford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gifford 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 Gifford, Pennsylvania
Property taxes in Gifford, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gifford stands at 3.44%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Gifford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gifford 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 Gifford's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16732 zip code has the highest median property tax rate of 3.44%, while the same zip code also records the lowest median tax rate of 3.44%. Understanding how these cities compare with Gifford 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 Gifford 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 Gifford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16732 | 3.44% | 3.44% | 3.44% | 3.79% | 3.79% |
Source: Ownwell
Property Tax Assessment Values Across Gifford, Pennsylvania
In Gifford, 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 Gifford, 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 Gifford is $22,650, with tax bills ranging from $411 at the 25th percentile to $2,113 at the 90th percentile. The zip code with the highest and lowest median tax bill is 16732, with a median tax bill of $781. Understanding these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gifford Assessed Value
$22,650
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 Gifford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16732 | $6,215 | $11,805 | $22,650 | $39,605 | $60,525 |
Source: Ownwell
Property Tax Bills Across Gifford, Pennsylvania
In Gifford, property tax bills are calculated based on the assessed value of a home, which is determined by the McKean County assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Gifford typically see a median property tax bill of around $781, which aligns with the highest and lowest median tax bills in the area, both recorded at $781 in the 16732 zip code. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, homes at the 25th percentile of tax bills pay approximately $411, while those at the 75th percentile pay $1,346. The top 10% of tax bills can reach up to $2,113. Compared to the national median property tax rate of 0.99%, Gifford residents experience a varied range of property tax bills. Understanding these factors can help homeowners better anticipate their annual tax obligations and budget accordingly.
Average Gifford Tax Bill
$781
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Gifford, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16732 | $214 | $411 | $781 | $1,346 | $2,113 |
Source: Ownwell