Driftwood, Elk County, Pennsylvania Property Taxes
The median property tax rate in Driftwood, PA is 2.90%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Driftwood, the typical annual property tax bill reaches $478, significantly lower than the national median of $2,690. Property taxes in Driftwood 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 Driftwood'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 Driftwood 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
Driftwood, Elk County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$478
$444
Ownwell’s Driftwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Driftwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Driftwood 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 Driftwood, Elk County, Pennsylvania
Property taxes in Driftwood, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Driftwood is 2.90%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Driftwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Driftwood 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 Driftwood's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 15832 has the highest median property tax rate of 2.90%, while the same zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with Driftwood provides valuable insights into the varying tax landscape across Elk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Driftwood Tax Rate
2.90%
Average Elk County Tax Rate
3.06%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Driftwood, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15832 | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Driftwood, Elk County, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Driftwood, Pennsylvania. 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 local appraisal district 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 Driftwood, 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. The median home price in Driftwood is $16,500, with tax bills varying significantly across the area. The 25th percentile tax bill is $210, while the 75th percentile tax bill reaches $759. The highest median tax bill in the region is $478, found in the zip code 15832. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Driftwood, Elk County, Pennsylvania
Source: Ownwell
$11,700
$31,450
$51,200
Average Driftwood Assessed Value
$16,500
Average Elk County Assessed Value
$39,300
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Driftwood, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15832 | $3,660 | $7,250 | $16,500 | $26,175 | $43,350 |
Source: Ownwell
Property Tax Bills Across Driftwood, Elk County, Pennsylvania
In Driftwood, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the Elk County tax assessor. The assessed value typically reflects a percentage of the property's market value. Homeowners in Driftwood can expect their tax bills to vary significantly, depending on this assessed value. For instance, the median home price in Driftwood is $16,500, and tax bills can range widely, with the 25th percentile at $210 and the 75th percentile at $759. The highest median tax bill recorded in the area is $478. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Driftwood's tax bills may seem relatively modest. However, they can still impact homeowners significantly, especially those in higher tax brackets. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Driftwood Tax Bill
$478
Average Elk County Tax Bill
$1,325
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Driftwood, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15832 | $106 | $210 | $478 | $759 | $1,257 |
Source: Ownwell