Penn Valley, California Property Taxes
The median property tax rate in Penn Valley, CA is 1.36%, considerably higher than both the national median of 0.99% and the California state median of 1.21%. With the median home value in Penn Valley at $369,723, the typical annual property tax bill reaches $5,111, exceeding the national median of $2,690. Property taxes in Penn Valley 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 Penn Valley'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 Penn Valley 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
Penn Valley, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$5,028
$4,666
Ownwell’s PENN VALLEY Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in PENN VALLEY. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in PENN VALLEY to provide an accurate estimate of your property tax bill. This intuitive tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is essential for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Penn Valley, California
Property taxes in Penn Valley, California, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penn Valley is 1.36%, higher than both the California state median and the U.S. national median of 0.99%. Local government entities within Penn Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penn Valley 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 Penn Valley's effective property tax rate to other counties in California and the national median. For comparison, the 95946 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Penn Valley provides valuable insights into the varying tax landscape across Nevada County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penn Valley Tax Rate
1.36%
Average Nevada County Tax Rate
1.16%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penn Valley, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95946 | 1.09% | 1.16% | 1.36% | 1.52% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Penn Valley, California
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Penn Valley, California. 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 Nevada County Assessor 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 Penn Valley, 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 Penn Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bill in the area is 95946, with a median tax bill of $5,111.
Property Tax Assessment Values Across Penn Valley, California
Source: Ownwell
$181,896
$588,325
$994,754
Average Penn Valley Assessed Value
$369,723
Average Nevada County Assessed Value
$380,629
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penn Valley, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95946 | $187,524 | $266,322 | $369,723 | $508,543 | $711,985 |
Source: Ownwell
Property Tax Bills Across Penn Valley, California
In Penn Valley, located in Nevada County, CA, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. This assessed value is typically a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $369,723, homeowners can expect varying tax bills. The 25th percentile tax bill is around $3,975, while the 75th percentile reaches up to $6,544, and the 90th percentile can go as high as $8,502. These figures highlight the range of property tax obligations homeowners might face. Given that the national median property tax rate is 0.99%, Penn Valley's rates can be seen as relatively moderate, though they still represent a significant annual expense. Homeowners must consider these taxes as a crucial factor in their overall housing costs, impacting their financial planning and long-term investment in their property.
Average Penn Valley Tax Bill
$5,111
Average Nevada County Tax Bill
$4,722
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Penn Valley, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 95946 | $2,951 | $3,975 | $5,111 | $6,544 | $8,502 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
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Links | |
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| Nevada Tax Assessor | |
| Website | common2.mptsweb.com |