Rew, Pennsylvania Property Taxes
The median property tax rate in REW, PA is 3.44%, considerably higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in REW, the typical annual property tax bill reaches $903, which is significantly lower than the national median of $2,690. Property taxes in REW 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 REW'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 REW or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rew, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.44%
Estimate Property Tax Bill
$902
Ownwell’s REW Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REW with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REW 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 Rew, Pennsylvania
Property taxes in REW, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in REW is 3.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within REW set these rates annually, and they can vary across different neighborhoods. Each year, REW 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 REW's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16744 zip code has the highest median property tax rate of 3.44%, while the 16744 zip code also has the lowest median tax rate of 3.44%. Understanding how these cities compare with REW 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 Rew 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 Rew, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16744 | 3.01% | 3.44% | 3.44% | 3.44% | 3.94% |
Source: Ownwell
Property Tax Assessment Values Across Rew, Pennsylvania
In REW, 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 Appraisal District 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 REW, 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 REW helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 16744 has the highest median tax bill at $903, while the lowest median tax bill is also in the same zip code, demonstrating a consistent tax rate across the area.
Average Rew Assessed Value
$26,210
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 Rew, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16744 | $11,570 | $14,660 | $26,210 | $45,950 | $64,780 |
Source: Ownwell
Property Tax Bills Across Rew, Pennsylvania
In the city of REW, McKean County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's property assessor and reflects a percentage of the market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in REW, the median home price is $26,210. The property tax bill can vary significantly, with the 25th percentile paying around $530 and the 75th percentile facing a bill of approximately $1,573. At the 90th percentile, tax bills can reach up to $2,231. The highest and lowest median tax bills in the area are both recorded at $903 in the zip code 16744. These property taxes are crucial for funding local services, including schools, infrastructure, and public safety, directly impacting the quality of life for residents. Comparatively, the national median property tax rate is 0.99%, making local rates an essential factor for homeowners to consider.
Average Rew Tax Bill
$903
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Rew, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16744 | $277 | $530 | $903 | $1,573 | $2,231 |
Source: Ownwell