Fairchance, Pennsylvania Property Taxes
The median property tax rate in Fairchance, PA is 0.98%, slightly below the national median of 0.99% and significantly lower than the Pennsylvania state median of 2.81%. With the median home value in Fairchance at $48,380, the typical annual property tax bill is $444, which is well below the national median of $2,690. Property taxes in Fairchance 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 Fairchance'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 Fairchance 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
Fairchance, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$474
Ownwell’s Fairchance Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairchance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairchance to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fairchance, Pennsylvania
Property taxes in Fairchance, Pennsylvania, are essential in funding crucial local services such as public education, road maintenance, and emergency services. The median tax rate in Fairchance is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Fairchance set these rates annually, and they can vary across different neighborhoods. Each year, Fairchance 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 Fairchance's effective property tax rate to other areas in Fayette County and the national median. For comparison, the zip code 15436 has both the highest and lowest median property tax rate within the region, standing at 0.98%. Understanding how Fairchance compares with other areas provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairchance Tax Rate
0.98%
Average Fayette County Tax Rate
0.87%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairchance, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15436 | 0.84% | 0.84% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Fairchance, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fairchance, PA. 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 Fayette 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 Fairchance, 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 Fairchance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairchance is $444 in the zip code 15436, which also has the lowest median tax bill at $444.
Property Tax Assessment Values Across Fairchance, Pennsylvania
Source: Ownwell
$15,915
$211,818
$407,720
Average Fairchance Assessed Value
$48,380
Average Fayette County Assessed Value
$51,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairchance, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15436 | $16,680 | $32,700 | $48,380 | $74,800 | $105,640 |
Source: Ownwell
Property Tax Bills Across Fairchance, Pennsylvania
In Fairchance, located in Fayette County, PA, property tax bills are calculated based on the assessed value of a home. The assessment is determined by the county and reflects a percentage of the property's market value. Homeowners in Fairchance can expect their property tax bills to vary significantly based on the assessed value of their homes and the local tax rate. For instance, the median home price in Fairchance is $48,380. Property tax bills typically range from $299 at the 25th percentile to $994 at the 90th percentile. The highest median tax bill in the area is $444, as found in the 15436 zip code. These figures highlight the variability in tax bills depending on individual property assessments and applicable tax rates. Compared to the national median property tax rate of 0.99%, Fairchance homeowners may find their property tax rate to be relatively moderate. This variability in tax bills can significantly impact homeowners, influencing decisions on property investments and overall financial planning.
Average Fairchance Tax Bill
$444
Average Fayette County Tax Bill
$548
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairchance, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15436 | $149 | $299 | $444 | $683 | $994 |
Source: Ownwell