Granville Summit, Pennsylvania Property Taxes
The median property tax rate in Granville Summit, PA is 2.91%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $68,538 in Granville Summit, the typical annual property tax bill reaches $1,695, surpassing the national median of $2,690. Property taxes in Granville Summit are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Granville Summit'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 Granville Summit 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
Granville Summit, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$1,994
Ownwell’s Granville Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granville Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granville Summit 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 Granville Summit, Pennsylvania
Property taxes in Granville Summit, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granville Summit is 2.91%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Granville Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granville Summit 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 Granville Summit's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16926 has both the highest and lowest median property tax rate of 2.91%. Understanding how these cities compare with Granville Summit provides valuable insights into the varying tax landscape across Bradford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granville Summit Tax Rate
2.91%
Average Bradford County Tax Rate
3.22%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granville Summit, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16926 | 1.68% | 2.05% | 2.91% | 2.91% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Granville Summit, Pennsylvania
In Granville Summit, 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 Bradford 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 Granville Summit, 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 Granville Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 16926, with a median bill of $1,695.
Property Tax Assessment Values Across Granville Summit, Pennsylvania
Source: Ownwell
$16,000
$54,241
$92,481
Average Granville Summit Assessed Value
$68,538
Average Bradford County Assessed Value
$61,590
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granville Summit, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16926 | $28,708 | $45,489 | $68,538 | $104,288 | $149,166 |
Source: Ownwell
Property Tax Bills Across Granville Summit, Pennsylvania
In Granville Summit, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's assessor and represents a percentage of the property's market value. Homeowners in Granville Summit can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,126, while at the 75th percentile, it rises to $2,451. At the 90th percentile, homeowners might see tax bills as high as $3,243. These figures are influenced by various factors, including property size, location, and any improvements made to the home. The median home price in Granville Summit stands at $68,538, which is relatively low compared to national standards. However, the property tax rate in Bradford County can lead to substantial tax bills. This variability affects homeowners by potentially increasing their annual financial obligations, especially if property values rise or if local tax rates are adjusted.
Average Granville Summit Tax Bill
$1,695
Average Bradford County Tax Bill
$1,935
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Granville Summit, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16926 | $755 | $1,126 | $1,695 | $2,451 | $3,243 |
Source: Ownwell