Wood, Bedford County, Pennsylvania Property Taxes
The median property tax rate in Wood, PA is 1.55%, 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 Wood, the typical annual property tax bill reaches $466, which is significantly below the national median of $2,690. Property taxes in Wood 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 Wood'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 Wood 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
Wood, Bedford County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$467
$433
Ownwell’s WOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WOOD 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 Wood, Bedford County, Pennsylvania
Property taxes in Wood, Pennsylvania, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood is 1.55%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Wood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood 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 Wood's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16694 has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Wood provides valuable insights into the varying tax landscape across Bedford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood Tax Rate
1.55%
Average Bedford County Tax Rate
1.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood, Bedford County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Wood, Bedford County, Pennsylvania
In WOOD, 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 Bedford 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 WOOD, 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 WOOD 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 in WOOD is 16694, with a median tax bill of $466.
Property Tax Assessment Values Across Wood, Bedford County, Pennsylvania
Source: Ownwell
$30,100
$115,950
$201,800
Average Wood Assessed Value
$30,100
Average Bedford County Assessed Value
$101,200
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood, Bedford County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | $17,900 | $22,450 | $30,100 | $53,000 | $73,700 |
Source: Ownwell
Property Tax Bills Across Wood, Bedford County, Pennsylvania
Property tax bills in WOOD, Bedford County, PA, are calculated based on the assessed value of a property, which is determined by local government assessors. The median home price in WOOD is $30,100, and property tax rates are applied to this assessed value to determine the annual tax bill. The tax bill varies significantly among homeowners, with the 25th percentile tax bill at $347, the 75th percentile at $820, and the 90th percentile reaching $1,140. Various factors influence the tax bill, including property size, location, and any improvements made. The highest and lowest median tax bills in the area are both $466, indicating a relatively uniform tax rate across different properties. Compared to the national median property tax rate of 0.99%, homeowners in WOOD may experience different financial impacts based on their property’s assessed value and the local tax rate. Understanding these factors is crucial for homeowners to budget for their annual property tax expenses.
Average Wood Tax Bill
$466
Average Bedford County Tax Bill
$1,429
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood, Bedford County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16694 | $277 | $347 | $466 | $820 | $1,140 |
Source: Ownwell