Fairmount City, Pennsylvania Property Taxes
The median property tax rate in Fairmount City, PA, is 6.91%, significantly higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With a median home value of $13,670 in Fairmount City, the typical annual property tax bill amounts to $1,006, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Navigating Fairmount City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairmount City 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
Fairmount City, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.91%
Estimate Property Tax Bill
$945
Ownwell’s Fairmount City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount City 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 Fairmount City, Pennsylvania
Property taxes in Fairmount City, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount City is 6.91%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Fairmount City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount City 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 Fairmount City's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16224 has both the highest and lowest median property tax rate of 6.91%. Understanding how these areas compare with Fairmount City provides valuable insights into the varying tax landscape across Clarion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmount City Tax Rate
6.91%
Average Clarion County Tax Rate
8.04%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmount City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16224 | 6.91% | 6.91% | 6.91% | 6.91% | 8.35% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount City, Pennsylvania
In Fairmount City, 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 county 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 Fairmount City, 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 Fairmount City 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 $1006 in zip code 16224, while the lowest median tax bill is also $1006 in the same zip code.
Property Tax Assessment Values Across Fairmount City, Pennsylvania
Source: Ownwell
$5,932
$14,334
$22,736
Average Fairmount City Assessed Value
$13,670
Average Clarion County Assessed Value
$13,522
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmount City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16224 | $5,604 | $8,760 | $13,670 | $20,870 | $27,509 |
Source: Ownwell
Property Tax Bills Across Fairmount City, Pennsylvania
In Fairmount City, located in Clarion County, PA, property tax bills are determined based on the assessed value of a home. This value is established by local assessors and reflects a percentage of the property's market value. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the annual property tax bill. For example, homeowners in Fairmount City can expect their tax bills to range from $629 at the 25th percentile to $1,999 at the 90th percentile, depending on the assessed value of their property. Several factors influence the tax bill, including the property's size, location, and any improvements made. This means that homeowners with higher-valued properties or recent upgrades might see higher tax bills. Compared to the national median property tax rate of 0.99%, Fairmount City's property tax rates can significantly impact homeowners' finances, making it crucial to understand how these taxes are calculated and how they might fluctuate over time.
Average Fairmount City Tax Bill
$1,006
Average Clarion County Tax Bill
$1,119
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmount City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16224 | $390 | $629 | $1,006 | $1,518 | $1,999 |
Source: Ownwell