Smethport, Pennsylvania Property Taxes
The median property tax rate in Smethport, PA is 3.37%, significantly higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With a median home value of $22,595 in Smethport, the typical annual property tax bill amounts to $713, which, while lower than the national median of $2,690, is still a notable expense given the lower home values. Property taxes in Smethport are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Smethport'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 Smethport or another part of McKean County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smethport, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.37%
Estimate Property Tax Bill
$761
Ownwell’s Smethport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smethport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smethport 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 Smethport, Pennsylvania
Property taxes in Smethport, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smethport is 3.37%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Smethport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smethport 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 Smethport's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 16749 zip code has the highest median property tax rate of 3.37%, while the 16749 zip code also has the lowest median tax rate of 3.37%. Understanding how these cities compare with Smethport 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 Smethport Tax Rate
3.37%
Average Mckean County Tax Rate
3.45%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smethport, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16749 | 2.34% | 3.19% | 3.37% | 3.44% | 3.44% |
Source: Ownwell
Property Tax Assessment Values Across Smethport, Pennsylvania
In Smethport, 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 Smethport, 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. For instance, the median home price is $22,595, with tax bills ranging from $406 at the 25th percentile to $2,584 at the 90th percentile. The highest and lowest median tax bill, both at $713, are found in the 16749 zip code. 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 in Smethport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smethport Assessed Value
$22,595
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 Smethport, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16749 | $6,640 | $12,352 | $22,595 | $51,280 | $92,940 |
Source: Ownwell
Property Tax Bills Across Smethport, Pennsylvania
In Smethport, McKean County, PA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects a percentage of the property's market value. Homeowners in Smethport can expect a wide range of property tax bills, influenced by various factors such as the home's assessed value, local tax rates, and any applicable exemptions. For instance, the median home price in Smethport is $22,595. At the 25th percentile, homeowners pay around $406 in property taxes, while those at the 75th percentile see bills of about $1,515. At the higher end, the 90th percentile tax bill reaches $2,584. This variance highlights the significant impact that assessed values and local tax rates have on individual tax obligations. Compared to the national median property tax rate of 0.99%, Smethport offers a diverse range of tax bills, reflecting the unique economic landscape of the area. Homeowners must stay informed about these factors to better manage their property tax responsibilities.
Average Smethport Tax Bill
$713
Average Mckean County Tax Bill
$784
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Smethport, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16749 | $209 | $406 | $713 | $1,515 | $2,584 |
Source: Ownwell