Eldred, Pennsylvania Property Taxes
The median property tax rate in Eldred, PA is 3.48%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $28,455 in Eldred, the typical annual property tax bill is $894, which is lower than the national median of $2,690. Property taxes in Eldred are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Eldred's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Eldred or another part of McKean County, gaining insights into the local property tax landscape is essential for maximizing financial benefits.
Last Updated June 14, 2024
Eldred, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.48%
Estimate Property Tax Bill
$990
Ownwell’s Eldred Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Eldred with just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Eldred to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by McKean County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Eldred, Pennsylvania
Property taxes in Eldred, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldred is 3.48%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Eldred set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldred 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 Eldred's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 16731 has both the highest and lowest median property tax rate of 3.48%. Understanding how these areas compare with Eldred provides valuable insights into the varying tax landscape across McKean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eldred Tax Rate
3.48%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldred, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16731 | 2.36% | 3.14% | 3.48% | 3.48% | 4.06% |
Source: Ownwell
Property Tax Assessment Values Across Eldred, Pennsylvania
In Eldred, 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 local appraisal district 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 Eldred, 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. Eldred's median home price stands at $28,455, with tax bills ranging from $460 at the 25th percentile to $2,684 at the 90th percentile. The zip code 16731 has the highest and lowest median tax bill at $894. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eldred Assessed Value
$28,455
Average Mckean County Assessed Value
$23,400
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldred, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16731 | $8,410 | $13,982 | $28,455 | $59,798 | $91,990 |
Source: Ownwell
Property Tax Bills Across Eldred, Pennsylvania
Property tax bills in Eldred, located in McKean County, PA, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Eldred, the median home price is $28,455, which is significantly lower than the national median property tax rate of 0.99%. In Eldred, property tax bills can vary widely. For example, at the 25th percentile, homeowners might pay around $460 annually, while those at the 75th percentile could see bills as high as $1,682. The 90th percentile tax bill can reach up to $2,684. The highest median tax bill recorded in the area is $894, which is consistent across the zip code 16731. These tax bills impact homeowners by influencing their overall cost of property ownership, potentially affecting their ability to afford other expenses and investments. Lower property values and tax rates can make Eldred an attractive option for budget-conscious buyers.
Average Eldred Tax Bill
$894
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldred, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16731 | $274 | $460 | $894 | $1,682 | $2,684 |
Source: Ownwell