Somerset, Pennsylvania Property Taxes
The median property tax rate in Somerset, PA is 3.23%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Somerset at $68,400, the typical annual property tax bill reaches $2,269, slightly below the national median of $2,690. Property taxes in Somerset 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 Somerset'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 Somerset 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
Somerset, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.23%
Estimate Property Tax Bill
$2,209
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Pennsylvania
Property taxes in Somerset, PA, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 3.23%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15501 zip code has the highest median property tax rate of 3.23%, while the 15501 zip code also has the lowest median tax rate of 3.23%. Understanding how these areas compare with Somerset provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerset Tax Rate
3.23%
Average Somerset County Tax Rate
2.69%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15501 | 3.00% | 3.00% | 3.23% | 3.89% | 3.89% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Pennsylvania
In Somerset, 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 local 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Somerset, both at $2,269, are found in the 15501 zip code.
Average Somerset Assessed Value
$68,400
Average Somerset County Assessed Value
$50,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerset, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15501 | $30,030 | $46,128 | $68,400 | $96,790 | $135,961 |
Source: Ownwell
Property Tax Bills Across Somerset, Pennsylvania
In Somerset, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $68,400, homeowners can expect varying tax bills depending on their property's assessed value and location within the county. The 25th percentile tax bill in Somerset is $1,471, while the 75th percentile reaches up to $3,277, and the 90th percentile can be as high as $4,508. The highest and lowest median tax bills are both recorded at $2,269 in the zip code 15501, indicating a uniformity in tax rates within that area. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Somerset's property tax rates can be considered relatively high, affecting the overall affordability and cost of living for residents.
Average Somerset Tax Bill
$2,269
Average Somerset County Tax Bill
$1,299
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15501 | $892 | $1,471 | $2,269 | $3,277 | $4,508 |
Source: Ownwell