Gipsy, Pennsylvania Property Taxes
The median property tax rate in Gipsy, PA is 1.40%, 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 Gipsy at $66,400, the typical annual property tax bill reaches $930, which is below the national median of $2,690. Property taxes in Gipsy 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 Gipsy'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 Gipsy or another part of Indiana County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gipsy, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$930
Ownwell’s Gipsy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gipsy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gipsy 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 Gipsy, Pennsylvania
Property taxes in Gipsy, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gipsy is 1.40%, higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Gipsy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gipsy 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 Gipsy's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15741 zip code has the highest median property tax rate of 1.40%, while the 15741 zip code has the lowest median tax rate of 1.40%. Understanding how these cities compare with Gipsy 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 Gipsy Tax Rate
1.40%
Average Indiana County Tax Rate
2.03%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gipsy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15741 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Gipsy, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gipsy, Indiana County, Pennsylvania. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by local authorities 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 Gipsy, 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. The median home price in Gipsy is $66,400, with tax bills ranging from $663 at the 25th percentile to $2,004 at the 90th percentile. The zip code with the highest and lowest median tax bill is 15741, both at $930. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gipsy Assessed Value
$66,400
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 Gipsy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15741 | $31,720 | $45,450 | $66,400 | $93,500 | $142,340 |
Source: Ownwell
Property Tax Bills Across Gipsy, Pennsylvania
In Gipsy, Indiana County, PA, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and usage can influence the assessed value. For homeowners, this means that any improvements or changes to the property could affect their tax bill. In Gipsy, the median home price is $66,400, and property tax bills vary significantly. For instance, tax bills at the 25th percentile are around $663, while those at the 75th percentile reach approximately $1,391. At the 90th percentile, tax bills can be as high as $2,004. The highest median tax bill in the area is $930, which is consistent across the region. This variability in tax bills highlights the importance of understanding how property assessments and tax rates impact overall costs for homeowners in Gipsy.
Average Gipsy Tax Bill
$930
Average Indiana County Tax Bill
$2,051
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Gipsy, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15741 | $524 | $663 | $930 | $1,391 | $2,004 |
Source: Ownwell