Cherry Tree, Pennsylvania Property Taxes
The median property tax rate in Cherry Tree, PA is 1.44%, considerably higher than the national median of 0.99% but lower than the Pennsylvania state median of 2.81%. With the median home value in Cherry Tree at $77,800, the typical annual property tax bill reaches $1,260, which is below the national median of $2,690. Property taxes in Cherry Tree 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 Cherry Tree'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 Cherry Tree 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
Cherry Tree, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$1,120
Ownwell’s Cherry Tree Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherry Tree with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherry Tree 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 Cherry Tree, Pennsylvania
Property taxes in Cherry Tree, Pennsylvania, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherry Tree is 1.44%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Cherry Tree set these rates annually, and they can vary considerably across different neighborhoods. Each year, Cherry Tree 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 Cherry Tree's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15724 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Cherry Tree provides valuable insights into the varying tax landscape across Indiana County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Tree Tax Rate
1.44%
Average Indiana County Tax Rate
2.03%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherry Tree, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15724 | 1.40% | 1.40% | 1.44% | 1.44% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Tree, Pennsylvania
In Cherry Tree, 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 Indiana 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 Cherry Tree, 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 Cherry Tree 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 $1,260 in zip code 15724, while the lowest is also $1,260 in the same zip code.
Property Tax Assessment Values Across Cherry Tree, Pennsylvania
Source: Ownwell
$24,600
$83,500
$142,400
Average Cherry Tree Assessed Value
$77,800
Average Indiana County Assessed Value
$98,600
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherry Tree, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15724 | $24,200 | $46,100 | $77,800 | $128,050 | $206,100 |
Source: Ownwell
Property Tax Bills Across Cherry Tree, Pennsylvania
In Cherry Tree, Indiana County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Cherry Tree is $77,800. Homeowners in this area can expect a median property tax bill of $1,260, which is higher than the national median property tax rate of 0.99%. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budget needs play a role in determining the assessed value. For instance, tax bills in the 25th percentile are around $773, while those in the 75th percentile reach $1,890, and the 90th percentile sees bills as high as $2,955. This variation affects homeowners differently, impacting their annual financial planning. Higher property taxes may lead to increased monthly mortgage payments for those with escrow accounts, while lower bills can make homeownership more affordable in Cherry Tree.
Average Cherry Tree Tax Bill
$1,260
Average Indiana County Tax Bill
$2,051
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherry Tree, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15724 | $433 | $773 | $1,260 | $1,890 | $2,955 |
Source: Ownwell