Lakeville, Pennsylvania Property Taxes
The median property tax rate in Lakeville, PA is 2.70%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Lakeville, the typical annual property tax bill reaches $2,363, slightly below the national median of $2,690. Property taxes in Lakeville 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 Lakeville'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 Lakeville or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeville, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$2,366
Ownwell’s Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Pennsylvania
Property taxes in Lakeville, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 2.70%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18438 zip code has the highest median property tax rate of 2.70%, while the same 18438 zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with Lakeville provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
2.70%
Average Pike County Tax Rate
3.72%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18438 | 2.69% | 2.70% | 2.70% | 2.70% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Pennsylvania
In Lakeville, 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 Pike 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 Lakeville, 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 example, the median home price in Lakeville is $87,637, with tax bills ranging from $1,686 at the 25th percentile to $4,349 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code with the highest and lowest median tax bill is 18438, both valued at $2,363. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeville Assessed Value
$87,637
Average Pike County Assessed Value
$106,483
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18438 | $19,091 | $62,501 | $87,637 | $119,124 | $161,324 |
Source: Ownwell
Property Tax Bills Across Lakeville, Pennsylvania
In Lakeville, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. Factors such as property size, location, and improvements can influence this assessed value. For instance, the median home price in Lakeville is $87,637. Homeowners in Lakeville experience varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is around $1,686, while at the 75th percentile, it rises to approximately $3,211. Those at the 90th percentile can expect to pay about $4,349. The highest median tax bill in the area is $2,363, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lakeville Tax Bill
$2,363
Average Pike County Tax Bill
$3,676
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18438 | $512 | $1,686 | $2,363 | $3,211 | $4,349 |
Source: Ownwell