Cresco, Pennsylvania Property Taxes
The median property tax rate in Cresco, PA is 2.68%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Cresco at $81,978, the typical annual property tax bill reaches $2,194, slightly below the national median of $2,690. Property taxes in Cresco 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 Cresco'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 Cresco or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cresco, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$2,197
Ownwell’s Cresco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cresco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cresco 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 Cresco, Pennsylvania
Property taxes in Cresco, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cresco is 2.68%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Cresco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cresco 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 Cresco's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 18326 in Pike County has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these areas compare with Cresco provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cresco Tax Rate
2.68%
Average Pike County Tax Rate
3.72%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | 2.68% | 2.68% | 2.68% | 2.68% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Cresco, Pennsylvania
In Cresco, 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 Pike 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 Cresco, 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 Cresco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 18326, both at $2,194, reflecting the local property tax landscape.
Average Cresco Assessed Value
$81,978
Average Pike County Assessed Value
$106,483
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | $49,663 | $60,420 | $81,978 | $95,300 | $111,832 |
Source: Ownwell
Property Tax Bills Across Cresco, Pennsylvania
In Cresco, Pennsylvania, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For example, in Pike County, where Cresco is located, property tax bills can vary significantly. The 25th percentile tax bill is $1,652, while the 75th percentile reaches $2,550, and the 90th percentile can go up to $2,993. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services. Homeowners in Cresco should be aware that their property tax bill might differ from the national median property tax rate of 0.99%, depending on their property's assessed value and the specific rates set by local authorities.
Average Cresco Tax Bill
$2,194
Average Pike County Tax Bill
$3,676
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cresco, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18326 | $1,359 | $1,652 | $2,194 | $2,550 | $2,993 |
Source: Ownwell