Lewis Run, Pennsylvania Property Taxes
The median property tax rate in Lewis Run, PA is 3.79%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in Lewis Run at $21,770, the typical annual property tax bill reaches $806, which is below the national median of $2,690. Property taxes in Lewis Run are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lewis Run'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 Lewis Run 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
Lewis Run, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.79%
Estimate Property Tax Bill
$825
Ownwell’s Lewis Run Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewis Run with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewis Run 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 Lewis Run, Pennsylvania
Property taxes in Lewis Run, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis Run is 3.79%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lewis Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewis Run 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 Lewis Run's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16738 has the same median property tax rate of 3.79%, highlighting the uniformity within the area. Understanding how these cities compare with Lewis Run 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 Lewis Run Tax Rate
3.79%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewis Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16738 | 3.79% | 3.79% | 3.79% | 3.79% | 3.89% |
Source: Ownwell
Property Tax Assessment Values Across Lewis Run, Pennsylvania
In Lewis Run, 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 Lewis Run, 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 the area is $21,770. Tax bills can vary significantly, with the 25th percentile tax bill at $487 and the 75th percentile reaching $1,546. 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 Lewis Run helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewis Run Assessed Value
$21,770
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 Lewis Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16738 | $7,490 | $12,965 | $21,770 | $41,342 | $64,680 |
Source: Ownwell
Property Tax Bills Across Lewis Run, Pennsylvania
In Lewis Run, 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 typically a percentage of the property's market value, which is determined by the county assessor's office. Various factors, such as property size, location, and improvements, influence this valuation. For homeowners in Lewis Run, the median home price is $21,770. Property tax bills can vary significantly, with the 25th percentile at $487 and the 75th percentile reaching $1,546. The top 10% of tax bills can be as high as $2,456. The highest and lowest median tax bills in the area are both $806, indicating some consistency in certain neighborhoods. Compared to the national median property tax rate of 0.99%, Lewis Run's property taxes can be relatively manageable, but they still represent a significant expense for homeowners. Understanding these factors can help residents better anticipate their annual property tax obligations and plan accordingly.
Average Lewis Run Tax Bill
$806
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewis Run, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16738 | $287 | $487 | $806 | $1,546 | $2,456 |
Source: Ownwell