Thompson, Pennsylvania Property Taxes
The median property tax rate in Thompson, PA is 2.31%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Thompson at $310,750, the typical annual property tax bill reaches $7,181, far exceeding the national median of $2,690. Property taxes in Thompson 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 Thompson'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 Thompson 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
Thompson, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$7,178
Ownwell's Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, Pennsylvania
Property taxes in Thompson, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 2.31%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18465 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these areas compare with Thompson provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompson Tax Rate
2.31%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18465 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Pennsylvania
In Thompson, 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 Wayne 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 Thompson, 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 Thompson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 18465 has the highest median tax bill of $7,181, while the lowest median tax bill is also found in the same zip code at $7,181.
Average Thompson Assessed Value
$310,750
Average Wayne County Assessed Value
$179,900
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18465 | $106,030 | $211,575 | $310,750 | $410,525 | $572,570 |
Source: Ownwell
Property Tax Bills Across Thompson, Pennsylvania
In Thompson, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the county's assessment office. For example, if the median home price in Thompson is $310,750, the assessed value will be a fraction of this amount, depending on the county's assessment ratio. Once the assessed value is established, it is multiplied by the local tax rate to determine the property tax bill. In Thompson, property tax bills can vary significantly. Homeowners in the 25th percentile pay around $4,889 annually, while those in the 75th percentile face bills up to $9,487. The top 10% of homeowners might see tax bills as high as $13,232. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their ability to afford other expenses. Compared to the national median property tax rate of 0.99%, Thompson’s rates reflect the local economic conditions and funding needs for public services.
Average Thompson Tax Bill
$7,181
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18465 | $2,450 | $4,889 | $7,181 | $9,487 | $13,232 |
Source: Ownwell