Tyrone, Pennsylvania Property Taxes
The median property tax rate in Tyrone, PA is 1.80%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Tyrone, the typical annual property tax bill reaches $1,267, falling below the national median of $2,690. Property taxes in Tyrone 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 Tyrone'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 Tyrone 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
Tyrone, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,268
Ownwell’s Tyrone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tyrone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tyrone 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 Tyrone, Pennsylvania
Property taxes in Tyrone, Pennsylvania, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Tyrone is 1.80%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Tyrone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyrone 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 Tyrone's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16686 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these areas compare with Tyrone provides valuable insights into the varying tax landscape across Centre County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tyrone Tax Rate
1.80%
Average Centre County Tax Rate
3.13%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tyrone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16686 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Tyrone, Pennsylvania
In Tyrone, 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 Centre 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 Tyrone, 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 Tyrone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 16686 has the highest and lowest median tax bill of $1,267.
Average Tyrone Assessed Value
$70,440
Average Centre County Assessed Value
$97,340
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tyrone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16686 | $20,968 | $46,122 | $70,440 | $107,442 | $149,651 |
Source: Ownwell
Property Tax Bills Across Tyrone, Pennsylvania
In Tyrone, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Tyrone, the median home price is $70,440. The property tax bills can vary significantly, with the 25th percentile at $830 and the 75th percentile reaching $1,932. At the 90th percentile, tax bills can go as high as $2,692. These figures highlight the range of property taxes that homeowners might expect to pay, influenced by factors such as property size, location, and market conditions. The highest and lowest median tax bills in Tyrone both stand at $1,267, indicating a relatively consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Tyrone's tax rates and assessed values provide a clear picture of the financial responsibilities homeowners face, impacting their overall housing affordability and budget planning.
Average Tyrone Tax Bill
$1,267
Average Centre County Tax Bill
$3,173
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyrone, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16686 | $377 | $830 | $1,267 | $1,932 | $2,692 |
Source: Ownwell