Jerome, Pennsylvania Property Taxes
The median property tax rate in Jerome, PA is 2.47%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Jerome, the typical annual property tax bill reaches $762, which is below the national median of $2,690. Property taxes in Jerome are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jerome'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 Jerome 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
Jerome, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.47%
Estimate Property Tax Bill
$762
Ownwell’s Jerome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jerome, Pennsylvania
Property taxes in Jerome, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 2.47%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15937 zip code has the highest median property tax rate of 2.47%, while the same zip code also has the lowest median tax rate of 2.47%. Understanding how these cities compare with Jerome 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 Jerome Tax Rate
2.47%
Average Somerset County Tax Rate
2.69%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15937 | 2.47% | 2.47% | 2.47% | 2.47% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Pennsylvania
In Jerome, 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 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 Jerome, 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. For example, the median home price in Jerome is $30,870, with tax bills ranging from $528 at the 25th percentile to $1,356 at the 90th percentile. The zip code 15937 has both the highest and lowest median tax bill at $762. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jerome Assessed Value
$30,870
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 Jerome, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15937 | $18,144 | $21,400 | $30,870 | $38,150 | $54,960 |
Source: Ownwell
Property Tax Bills Across Jerome, Pennsylvania
In Jerome, property tax bills are calculated by assessing the value of your property and applying the local tax rate to this assessed value. The median home price in Jerome is $30,870, and the property tax rate is derived from the county's needs and budget requirements. The assessed value of your home is a critical factor, as it determines the base amount upon which your tax rate is applied. Homeowners in Jerome can expect a wide range of tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $528, while at the 75th percentile, it rises to $941. At the 90th percentile, it can reach up to $1,356. These figures highlight the variability in tax bills, which can significantly impact household budgets. Comparatively, Jerome's property tax rate is competitive, especially when contrasted with the national median property tax rate of 0.99%. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Jerome Tax Bill
$762
Average Somerset County Tax Bill
$1,299
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15937 | $448 | $528 | $762 | $941 | $1,356 |
Source: Ownwell