Lock Haven, Pennsylvania Property Taxes
The median property tax rate in Lock Haven, PA is 2.49%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lock Haven, the typical annual property tax bill reaches $1,214, exceeding the national median of $2,690. Property taxes in Lock Haven 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 Lock Haven'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 Lock Haven 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
Lock Haven, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$1,214
Ownwell’s Lock Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lock Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lock Haven 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 Lock Haven, Pennsylvania
Property taxes in Lock Haven, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lock Haven is 2.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lock Haven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lock Haven 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 Lock Haven's effective property tax rate to other regions in Pennsylvania and the national median. For comparison, the zip code 17745 has the highest median property tax rate of 2.49%, while the lowest median tax rate of 2.49% is also found in the same zip code. Understanding how these figures compare with Lock Haven provides valuable insights into the varying tax landscape across Lycoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lock Haven Tax Rate
2.49%
Average Lycoming County Tax Rate
2.61%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lock Haven, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17745 | 2.49% | 2.49% | 2.49% | 2.49% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Lock Haven, Pennsylvania
In Lock Haven, 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 Lycoming 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 Lock Haven, 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 Lock Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lock Haven is $48,740, with the median tax bill at $1,214 in zip code 17745.
Average Lock Haven Assessed Value
$48,740
Average Lycoming County Assessed Value
$87,660
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lock Haven, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17745 | $21,296 | $31,755 | $48,740 | $82,105 | $116,490 |
Source: Ownwell
Property Tax Bills Across Lock Haven, Pennsylvania
In Lock Haven, property tax bills are calculated based on the assessed value of the property and the applicable tax rate. The median home price in Lock Haven is $48,740, which serves as a baseline for determining the tax bill. Homeowners can expect a wide range of property tax bills, from the 25th percentile at $790 to the 75th percentile at $2,067, and up to the 90th percentile at $2,990. The tax rate in Lock Haven is influenced by various factors, including local government budgets, school district funding needs, and public services. These factors collectively determine the tax rate applied to the assessed value of properties. For example, a property in the zip code 17745 has a median tax bill of $1,214, which is significantly higher than the national median property tax rate of 0.99%. High property taxes can impact homeowners by increasing their annual expenses, potentially affecting their ability to afford other necessities or save for the future. Conversely, lower property taxes can offer some financial relief, making homeownership more affordable.
Average Lock Haven Tax Bill
$1,214
Average Lycoming County Tax Bill
$2,556
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lock Haven, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17745 | $530 | $790 | $1,214 | $2,067 | $2,990 |
Source: Ownwell