Cambridge Springs, Erie County, Pennsylvania Property Taxes
The median property tax rate in Cambridge Springs, PA is 2.08%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Cambridge Springs, the typical annual property tax bill reaches $2,030, which is lower than the national median of $2,690. Property taxes in Cambridge Springs 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 Cambridge Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cambridge Springs 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
Cambridge Springs, Erie County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$2,030
$1,884
Ownwell’s Cambridge Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge Springs 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 Cambridge Springs, Erie County, Pennsylvania
Property taxes in Cambridge Springs, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge Springs is 1.35%, which is significantly higher than both the Pennsylvania state median of 1.35% and the U.S. national median of 0.99%. Local government entities within Cambridge Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge Springs 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 Cambridge Springs' effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16403 zip code has the highest median property tax rate of 1.35%, while the 16403 zip code has the lowest median tax rate of 1.35%. Understanding how these cities compare with Cambridge Springs provides valuable insights into the varying tax landscape across Erie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Property Tax Rates Across Cambridge Springs, Erie County, Pennsylvania
Source: Ownwell
1.82%
2.79%
3.76%
Average Cambridge Springs Tax Rate
2.08%
Average Erie County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge Springs, Erie County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16403 | 2.08% | 2.08% | 2.08% | 2.08% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge Springs, Erie County, Pennsylvania
In Cambridge Springs, 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 Erie 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 Cambridge Springs, 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 Cambridge Springs 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 found in the 16403 zip code at $2,030.
Property Tax Assessment Values Across Cambridge Springs, Erie County, Pennsylvania
Source: Ownwell
$33,860
$103,725
$173,590
Average Cambridge Springs Assessed Value
$97,605
Average Erie County Assessed Value
$98,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge Springs, Erie County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16403 | $31,340 | $71,650 | $97,605 | $134,345 | $169,580 |
Source: Ownwell
Property Tax Bills Across Cambridge Springs, Erie County, Pennsylvania
In Cambridge Springs, Erie County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $97,605, homeowners in this area can expect tax bills that vary significantly. The tax bill at the 25th percentile is around $1,490, while at the 75th percentile, it rises to approximately $2,794. At the 90th percentile, it can reach up to $3,527. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, the rates in Cambridge Springs may seem higher, but they reflect the specific needs and budgetary requirements of the local community. Homeowners should consider these factors when budgeting for property ownership in this region.
Property Tax Bills Across Cambridge Springs, Erie County, Pennsylvania
Source: Ownwell
$1,270
$2,881
$4,492
Average Cambridge Springs Tax Bill
$2,030
Average Erie County Tax Bill
$2,898
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge Springs, Erie County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16403 | $652 | $1,490 | $2,030 | $2,794 | $3,527 |
Source: Ownwell