Covington, Pennsylvania Property Taxes
The median property tax rate in Covington, PA is 2.77%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Covington, the typical annual property tax bill reaches $1,822, exceeding the national median of $2,690. Property taxes in Covington 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 Covington'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 Covington 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
Covington, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$1,914
-$20,054
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Pennsylvania
Property taxes in Covington, PA, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 2.77%, significantly higher than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas and the national median. For comparison, the 16917 zip code has the highest median property tax rate of 2.77%, while the lowest median tax rate is also 2.77%. Understanding how these areas compare with Covington provides valuable insights into the varying tax landscape across 42117, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Covington Tax Rate
2.77%
Average Tioga County Tax Rate
2.81%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16917 | 2.24% | 2.58% | 2.77% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Pennsylvania
In Covington, 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 Tioga 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 Covington, 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 instance, the highest median tax bill in Covington is $1822 in the 16917 zip code, while the lowest is also $1822 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Covington Assessed Value
$69,080
Average Tioga County Assessed Value
$70,440
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16917 | $21,410 | $44,720 | $69,080 | $107,630 | $160,110 |
Source: Ownwell
Property Tax Bills Across Covington, Pennsylvania
In Covington, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Covington is $69,080, and the property tax rate in Tioga County aligns with the national median property tax rate of 0.99%. This means homeowners in Covington can expect to pay around $683 annually in property taxes for a median-priced home. Several factors influence the total tax bill, including property location, home size, and any applicable exemptions. For instance, the 25th percentile tax bill is $1,204, while the 75th percentile reaches $2,776, and the 90th percentile can go up to $4,014. These variations reflect differences in property values and assessment practices. High property taxes can significantly impact homeowners, influencing decisions on home purchases and long-term financial planning. Understanding how property tax bills are calculated helps homeowners in Covington budget effectively and explore potential savings through exemptions or appeals.
Average Covington Tax Bill
$1,822
Average Tioga County Tax Bill
$1,960
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 16917 | $586 | $1,204 | $1,822 | $2,776 | $4,014 |
Source: Ownwell