Wilcox, Elk County, Pennsylvania Property Taxes
The median property tax rate in Wilcox, PA is 2.81%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Wilcox, the typical annual property tax bill reaches $734, which is significantly lower than the national median of $2,690. Property taxes in Wilcox 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 Wilcox'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 Wilcox 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
Wilcox, Elk County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$733
$681
Ownwell’s Wilcox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilcox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilcox 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 Wilcox, Elk County, Pennsylvania
Property taxes in Wilcox, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilcox is 2.81%, significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Wilcox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilcox 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 Wilcox's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15870 zip code has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these cities compare with Wilcox 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 Wilcox Tax Rate
2.81%
Average Elk County Tax Rate
3.06%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilcox, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15870 | 2.81% | 2.81% | 2.81% | 2.81% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Wilcox, Elk County, Pennsylvania
In Wilcox, 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 Elk 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 Wilcox, 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 Wilcox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both sit at $734, specifically in the zip code 15870.
Property Tax Assessment Values Across Wilcox, Elk County, Pennsylvania
Source: Ownwell
$11,700
$31,450
$51,200
Average Wilcox Assessed Value
$26,100
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 Wilcox, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15870 | $3,600 | $8,400 | $26,100 | $48,700 | $72,930 |
Source: Ownwell
Property Tax Bills Across Wilcox, Elk County, Pennsylvania
In Wilcox, Elk County, PA, 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 tax rate to calculate the annual property tax bill. For instance, with a median home price of $26,100, homeowners in Wilcox can expect varying tax bills. At the 25th percentile, the tax bill is approximately $236, while at the 75th percentile, it rises to about $1,368. For those at the 90th percentile, the tax bill can reach as high as $2,051. These tax bills are influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Wilcox experience a range of tax burdens. This variability in tax bills can significantly affect homeowners' annual expenses, making it crucial for them to understand how their property taxes are calculated and what options they have for potential savings.
Average Wilcox Tax Bill
$734
Average Elk County Tax Bill
$1,325
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilcox, Elk County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15870 | $101 | $236 | $734 | $1,368 | $2,051 |
Source: Ownwell