Mineral Point, Pennsylvania Property Taxes
The median property tax rate in Mineral Point, PA is 9.23%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $16,100 in Mineral Point, the typical annual property tax bill reaches $1,517, which is below the national median of $2,690. Property taxes in Mineral Point are calculated based on the tax assessed value, generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mineral Point'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 Mineral Point or another part of Cambria County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mineral Point, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
9.23%
Estimate Property Tax Bill
$1,486
Ownwell’s Mineral Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Point 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 Mineral Point, Pennsylvania
Property taxes in Mineral Point, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Point is 1.46%, higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Mineral Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Point 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 Mineral Point's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15942 zip code has the highest median property tax rate of 1.46%, while the 15942 zip code has the lowest median tax rate of 1.46%. Understanding how these cities compare with Mineral Point provides valuable insights into the varying tax landscape across Cambria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Point Tax Rate
9.23%
Average Cambria County Tax Rate
10.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Point, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15942 | 9.22% | 9.22% | 9.23% | 9.53% | 10.48% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Point, Pennsylvania
In Mineral Point, 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 Cambria 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 Mineral Point, 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 Mineral Point 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 $1,517 in the 15942 zip code, matching the lowest median tax bill, offering a clear picture of local tax expectations.
Property Tax Assessment Values Across Mineral Point, Pennsylvania
Source: Ownwell
$4,060
$11,715
$19,370
Average Mineral Point Assessed Value
$16,100
Average Cambria County Assessed Value
$12,040
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Point, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15942 | $5,624 | $9,610 | $16,100 | $23,175 | $30,912 |
Source: Ownwell
Property Tax Bills Across Mineral Point, Pennsylvania
In Mineral Point, PA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county and reflects the market value of the property. The local tax rate, also known as the millage rate, is applied to this assessed value to calculate the annual property tax bill. For homeowners in Mineral Point, the tax bills can vary significantly. For instance, the tax bill at the 25th percentile is approximately $949, while those at the 75th percentile pay around $2,143. At the 90th percentile, homeowners face tax bills as high as $2,880. These figures highlight the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Mineral Point residents may experience higher or lower tax bills depending on their property's assessed value and the applicable local tax rate. This variability can significantly impact homeowners, influencing their annual financial planning and long-term investment in their properties.
Average Mineral Point Tax Bill
$1,517
Average Cambria County Tax Bill
$1,315
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Point, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15942 | $567 | $949 | $1,517 | $2,143 | $2,880 |
Source: Ownwell