Homewood, Pennsylvania Property Taxes
The median property tax rate in Homewood, PA is 1.81%, considerably higher than the national median of 0.99% but lower than the Pennsylvania state median of 2.81%. With the median home value in Homewood at $77,000, the typical annual property tax bill reaches $1,525, falling below the national median of $2,690. Property taxes in Homewood are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Homewood'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 Homewood 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
Homewood, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,394
Ownwell’s Homewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homewood 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 Homewood, Pennsylvania
Property taxes in Homewood, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homewood is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Homewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homewood 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 Homewood's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 15208 has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these areas compare with Homewood provides valuable insights into the varying tax landscape across Allegheny County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homewood Tax Rate
1.81%
Average Allegheny County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homewood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15208 | 1.74% | 1.76% | 1.81% | 1.97% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Homewood, Pennsylvania
In Homewood, 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 Allegheny 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 Homewood, 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 Homewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Homewood is $1,525 in zip code 15208, reflecting the range of property tax responsibilities within the area.
Average Homewood Assessed Value
$77,000
Average Allegheny County Assessed Value
$108,200
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homewood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15208 | $73,420 | $74,125 | $77,000 | $91,225 | $102,040 |
Source: Ownwell
Property Tax Bills Across Homewood, Pennsylvania
In Homewood, Allegheny County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $77,000, homeowners can expect varying tax bills depending on the specific assessed value and applicable tax rate. Factors considered in determining the tax bill include the property's market value, any improvements made, and comparable property values in the area. In Homewood, the tax bill at the 25th percentile is $1,335, while at the 75th percentile, it rises to $1,699. For those at the 90th percentile, the tax bill can reach up to $2,061. These tax bills significantly impact homeowners, as they must budget for these annual expenses. Compared to the national median property tax rate of 0.99%, Homewood's property tax rate can be seen as relatively high, reflecting the need for local revenue to support community services and infrastructure.
Average Homewood Tax Bill
$1,525
Average Allegheny County Tax Bill
$2,758
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Homewood, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15208 | $1,288 | $1,335 | $1,525 | $1,699 | $2,061 |
Source: Ownwell