Markleton, Pennsylvania Property Taxes
The median property tax rate in Markleton, PA is 1.90%, considerably higher than the national median of 0.99% but lower than the Pennsylvania state median of 2.81%. With the median home value in Markleton, the typical annual property tax bill reaches $869, which is below the national median of $2,690. Property taxes in Markleton 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 Markleton'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 Markleton 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
Markleton, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$869
Ownwell’s Markleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Markleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Markleton 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 Markleton, Pennsylvania
Property taxes in Markleton, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Markleton is 1.90%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Markleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Markleton 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 Markleton's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 15551 zip code has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these cities compare with Markleton 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 Markleton Tax Rate
1.90%
Average Somerset County Tax Rate
2.69%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Markleton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15551 | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Markleton, Pennsylvania
In Markleton, 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 Markleton, 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 Markleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $869, found in the 15551 zip code.
Average Markleton Assessed Value
$45,750
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 Markleton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15551 | $15,632 | $28,688 | $45,750 | $65,875 | $80,930 |
Source: Ownwell
Property Tax Bills Across Markleton, Pennsylvania
In Markleton, property tax bills are calculated based on the assessed value of a home, which is determined by the Somerset County assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including changes in the market value of properties, local government budget requirements, and specific tax rates set by local taxing authorities. Homeowners in Markleton experience varying tax bills; for instance, the 25th percentile tax bill is $545, while the 75th percentile reaches $1251, with the 90th percentile at $1538. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how these rates and property values impact their finances. Properly managing and anticipating property tax bills can significantly affect a homeowner's budget and long-term financial planning.
Average Markleton Tax Bill
$869
Average Somerset County Tax Bill
$1,299
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Markleton, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15551 | $297 | $545 | $869 | $1,251 | $1,538 |
Source: Ownwell