Tobyhanna, Pennsylvania Property Taxes
The median property tax rate in Tobyhanna, PA is 1.93%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Tobyhanna at $256,800, the typical annual property tax bill reaches $4,965, exceeding the national median of $2,690. Property taxes in Tobyhanna 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 Tobyhanna'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 Tobyhanna or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tobyhanna, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$4,956
Ownwell’s Tobyhanna Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Tobyhanna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tobyhanna to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular trends, our platform offers localized information on a neighborhood level. Your property’s assessed value is determined by Wayne County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Tobyhanna, Pennsylvania
Property taxes in Tobyhanna, Pennsylvania, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tobyhanna is 1.93%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Tobyhanna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tobyhanna 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 Tobyhanna's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the 18466 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these areas compare with Tobyhanna 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 Tobyhanna Tax Rate
1.93%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Tobyhanna, Pennsylvania
In Tobyhanna, 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 Tobyhanna, 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 Tobyhanna 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 $4,965, found in the 18466 zip code.
Average Tobyhanna Assessed Value
$256,800
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 Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | $127,120 | $195,100 | $256,800 | $278,700 | $311,580 |
Source: Ownwell
Property Tax Bills Across Tobyhanna, Pennsylvania
In Tobyhanna, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $256,800, homeowners in Tobyhanna can expect their property tax bills to fall within a range influenced by various factors such as property size, location, and any applicable exemptions. The tax bill for the 25th percentile is approximately $3,772, while those in the 75th percentile pay around $5,388. Homeowners at the 90th percentile face tax bills of about $6,024. These figures highlight the variability in tax bills based on individual property assessments. The highest median tax bill recorded in Tobyhanna is $4,965, which aligns with the lowest median tax bill, indicating consistency in the assessed values within the area. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses, influencing decisions on home purchases and budget planning.
Average Tobyhanna Tax Bill
$4,965
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Tobyhanna, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18466 | $2,458 | $3,772 | $4,965 | $5,388 | $6,024 |
Source: Ownwell