Mount Jewett, Pennsylvania Property Taxes
The median property tax rate in Mount Jewett, PA is 3.79%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $18,615 in Mount Jewett, the typical annual property tax bill reaches $635, which is below the national median of $2,690. Property taxes in Mount Jewett are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mount Jewett'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 Mount Jewett 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
Mount Jewett, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.79%
Estimate Property Tax Bill
$706
Ownwell’s MOUNT JEWETT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT JEWETT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT JEWETT 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 Mount Jewett, Pennsylvania
Property taxes in Mount Jewett, Pennsylvania, are essential for funding vital local services, including public schools, road maintenance, and emergency services. The median tax rate in Mount Jewett is 3.79%, significantly higher than the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Mount Jewett set these rates annually, which can vary across different neighborhoods. Each year, Mount Jewett 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 Mount Jewett's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 16740 has both the highest and lowest median property tax rate of 3.79%. Understanding how these figures compare with Mount Jewett 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 Mount Jewett 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 Mount Jewett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16740 | 3.23% | 3.23% | 3.79% | 3.87% | 3.87% |
Source: Ownwell
Property Tax Assessment Values Across Mount Jewett, Pennsylvania
In Mount Jewett, 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 Mount Jewett, 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 Mount Jewett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $635.00, found in zip code 16740.
Property Tax Assessment Values Across Mount Jewett, Pennsylvania
Source: Ownwell
$10,750
$24,615
$38,480
Average Mount Jewett Assessed Value
$18,615
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 Mount Jewett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16740 | $5,775 | $10,605 | $18,615 | $38,278 | $70,155 |
Source: Ownwell
Property Tax Bills Across Mount Jewett, Pennsylvania
Property tax bills in Mount Jewett, McKean County, PA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value determined by the county's assessor. For example, with a median home price of $18,615, the tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The tax bill is then derived by applying the local tax rate to the assessed value. Homeowners in Mount Jewett can expect tax bills ranging from the 25th percentile at $387 to the 90th percentile at $2,188. The highest median tax bill in the area is $635, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Mount Jewett Tax Bill
$635
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Jewett, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16740 | $213 | $387 | $635 | $1,373 | $2,188 |
Source: Ownwell