Fairhope, Somerset County, Pennsylvania Property Taxes
The median property tax rate in Fairhope, PA is 2.22%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Fairhope, the typical annual property tax bill reaches $679, which is significantly lower than the national median of $2,690. Property taxes in Fairhope 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 Fairhope'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 Fairhope 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
Fairhope, Somerset County, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$790
$733
Ownwell’s Fairhope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairhope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairhope 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 Fairhope, Somerset County, Pennsylvania
Property taxes in Fairhope, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairhope is 2.22%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Fairhope set these rates annually, and they can vary across different neighborhoods. Each year, Fairhope 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 Fairhope's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 15538 has both the highest and lowest median property tax rate of 2.22%. Understanding how these areas compare with Fairhope provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairhope Tax Rate
2.22%
Average Somerset County Tax Rate
2.69%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairhope, Somerset County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15538 | 1.75% | 1.75% | 2.22% | 2.22% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Fairhope, Somerset County, Pennsylvania
In Fairhope, 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 Somerset County 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 Fairhope, 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 Fairhope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairhope is $679 in zip code 15538, while the lowest median tax bill is also $679 in the same zip code.
Property Tax Assessment Values Across Fairhope, Somerset County, Pennsylvania
Source: Ownwell
$27,215
$78,308
$129,400
Average Fairhope Assessed Value
$35,600
Average Somerset County Assessed Value
$50,500
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairhope, Somerset County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15538 | $11,174 | $20,100 | $35,600 | $61,700 | $85,144 |
Source: Ownwell
Property Tax Bills Across Fairhope, Somerset County, Pennsylvania
In Fairhope, located in Somerset County, PA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Homeowners in Fairhope can expect their property tax bill to reflect various factors including the assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, with a median home price of $35,600, property tax bills can vary significantly. The tax bill for the 25th percentile is around $397, while the 75th percentile sees bills around $1,223. At the 90th percentile, tax bills can go up to $1,669. These variations highlight how different factors such as property value and local tax rates impact the overall tax burden on homeowners. Comparatively, the national median property tax rate is 0.99%, making it essential for Fairhope homeowners to understand how their local rates and assessed values influence their annual tax bills. This understanding helps in planning and managing their financial responsibilities effectively.
Average Fairhope Tax Bill
$679
Average Somerset County Tax Bill
$1,299
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairhope, Somerset County, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15538 | $234 | $397 | $679 | $1,223 | $1,669 |
Source: Ownwell