Lake City, Pennsylvania Property Taxes
The median property tax rate in Lake City, PA is 2.84%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lake City at $98,600, the typical annual property tax bill reaches $2,726, slightly above the national median of $2,690. Property taxes in Lake City 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 Lake City'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 Lake City or another part of Erie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$2,800
Ownwell’s Lake City Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Lake City. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lake City to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed insights, you can explore trends on a neighborhood level by scrolling down for localized information. Remember, your property's assessed value is the figure assigned by Erie County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lake City, Pennsylvania
Property taxes in Lake 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 Lake City is 2.84%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake City's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16423 zip code has the highest median property tax rate of 2.84%, while the same zip code also holds the lowest median tax rate of 2.84%. Understanding how these cities compare with Lake City 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.
Average Lake City Tax Rate
2.84%
Average Erie County Tax Rate
2.59%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16423 | 2.62% | 2.62% | 2.83% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Pennsylvania
In Lake 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 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 Lake 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 Lake 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 $2726, found in the 16423 zip code, while the lowest median tax bill is also $2726 in the same zip code.
Average Lake City Assessed Value
$98,600
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 Lake City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16423 | $17,840 | $65,750 | $98,600 | $122,130 | $150,982 |
Source: Ownwell
Property Tax Bills Across Lake City, Pennsylvania
In Lake City, Erie 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 property tax rate to determine the annual tax bill. For instance, the median home price in Lake City is $98,600, and the property tax rate is applied to this value to compute the tax owed. Several factors influence the tax bill, including property characteristics, location, and any applicable exemptions. Homeowners in Lake City can expect their property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $1,831, while those at the 75th percentile can reach $3,394. At the 90th percentile, tax bills can be as high as $4,120. These property taxes play a crucial role in funding local services such as schools, infrastructure, and public safety, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, Lake City's property taxes reflect the specific needs and values of the local community.
Average Lake City Tax Bill
$2,726
Average Erie County Tax Bill
$2,898
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16423 | $506 | $1,831 | $2,726 | $3,394 | $4,120 |
Source: Ownwell