Observatory, Pennsylvania Property Taxes
The median property tax rate in Observatory, PA is 0.74%, which is significantly lower than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Observatory being $118,800, the typical annual property tax bill amounts to $893, far below the national median of $2,690. Property taxes in Observatory are determined based on the tax assessed value, usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Observatory's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Observatory or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Observatory, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$879
Ownwell’s Observatory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Observatory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Observatory 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 Observatory, Pennsylvania
Property taxes in Observatory, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Observatory is 0.74%, which is lower than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Observatory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Observatory 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 Observatory's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15214 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Observatory 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 Observatory Tax Rate
0.74%
Average Allegheny County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Observatory, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15214 | 0.62% | 0.63% | 0.74% | 2.87% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Observatory, Pennsylvania
In Observatory, 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 Observatory, 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 Observatory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $893, found in the 15214 zip code, while the lowest median tax bill is also $893 in the same zip code.
Property Tax Assessment Values Across Observatory, Pennsylvania
Source: Ownwell
$16,750
$307,350
$597,950
Average Observatory Assessed Value
$118,800
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 Observatory, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15214 | $105,820 | $111,175 | $118,800 | $127,925 | $141,080 |
Source: Ownwell
Property Tax Bills Across Observatory, Pennsylvania
In Observatory, located in Allegheny County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the median home price, which is $118,800, play a significant role in this calculation. Homeowners in Observatory can expect a wide range of tax bills. For instance, at the 25th percentile, tax bills are around $753, while at the 75th percentile, they soar to $3,443. The 90th percentile sees tax bills reaching as high as $3,798. These variations are influenced by the differences in property values and the specific tax rates applied. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand how Observatory's tax rates stack up. For homeowners, these property taxes fund essential local services but also represent a significant annual expense that must be budgeted for.
Average Observatory Tax Bill
$893
Average Allegheny County Tax Bill
$2,758
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Observatory, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15214 | $699 | $753 | $893 | $3,443 | $3,798 |
Source: Ownwell