Port Allegany, Pennsylvania Property Taxes
The median property tax rate in Port Allegany, PA is 3.19%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in Port Allegany at $27,640, the typical annual property tax bill reaches $845, which is below the national median of $2,690. Property taxes in Port Allegany are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Port Allegany'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 Port Allegany or another part of McKean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Port Allegany, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$882
Ownwell’s Port Allegany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Allegany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Allegany 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 Port Allegany, Pennsylvania
Property taxes in Port Allegany, PA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Allegany is 3.19%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Port Allegany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Allegany 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 Port Allegany's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16743 zip code has the highest median property tax rate of 3.19%, while the same zip code also has the lowest median tax rate of 3.19%. Understanding how these cities compare with Port Allegany 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 Port Allegany Tax Rate
3.19%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Allegany, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16743 | 2.07% | 2.85% | 3.19% | 3.19% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Port Allegany, Pennsylvania
In Port Allegany, 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 McKean 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 Port Allegany, 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 Port Allegany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $27,640, with tax bills ranging from $444 at the 25th percentile to $2,672 at the 90th percentile. The highest and lowest median tax bill is $845 in zip code 16743.
Property Tax Assessment Values Across Port Allegany, Pennsylvania
Source: Ownwell
$10,750
$24,615
$38,480
Average Port Allegany Assessed Value
$27,640
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 Port Allegany, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16743 | $9,020 | $14,335 | $27,640 | $64,695 | $103,630 |
Source: Ownwell
Property Tax Bills Across Port Allegany, Pennsylvania
In Port Allegany, McKean County, PA, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's assessment office, which evaluates the property's market value and applies an assessment ratio. This ratio ensures that the assessed value reflects a consistent percentage of the market value across all properties. The local tax rate, also known as the millage rate, is applied to the assessed value to determine the annual tax bill. For example, with a median home price of $27,640 in Port Allegany, homeowners can expect varying tax bills. The 25th percentile tax bill is around $444, while the 75th percentile reaches $1,709, and the 90th percentile can be as high as $2,672. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Port Allegany's tax bills illustrate the localized nature of property taxation, significantly impacting homeowners' annual expenses.
Average Port Allegany Tax Bill
$845
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Allegany, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16743 | $268 | $444 | $845 | $1,709 | $2,672 |
Source: Ownwell