Waymart, Pennsylvania Property Taxes
The median property tax rate in Waymart, PA is 2.19%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Waymart at $175,200, the typical annual property tax bill reaches $4,045, exceeding the national median of $2,690. Property taxes in Waymart 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 Waymart'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 Waymart 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
Waymart, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$3,837
Ownwell’s Waymart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waymart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waymart 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 Waymart, Pennsylvania
Property taxes in Waymart, Pennsylvania, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waymart is 2.19%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Waymart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waymart 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 Waymart's effective property tax rate to other regions in Pennsylvania and the national median. For comparison, the zip code 18472 has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these areas compare with Waymart 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 Waymart Tax Rate
2.19%
Average Wayne County Tax Rate
2.19%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waymart, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18472 | 2.18% | 2.18% | 2.19% | 2.30% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Waymart, Pennsylvania
In Waymart, 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 Waymart, 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. The median home price in Waymart is $175,200, with tax bills ranging from $2,645 at the 25th percentile to $7,775 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 18472, with a median tax bill of $4,045. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waymart Assessed Value
$175,200
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 Waymart, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18472 | $13,100 | $108,300 | $175,200 | $253,750 | $348,000 |
Source: Ownwell
Property Tax Bills Across Waymart, Pennsylvania
In the city of Waymart, located in Wayne County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Waymart, the median home price is $175,200. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. The tax bill can vary significantly, with the 25th percentile at $2,645 and the 75th percentile at $5,717. For those at the 90th percentile, the tax bill can reach up to $7,775. This variability in tax bills affects homeowners differently based on their property's assessed value and the local tax rate. Comparatively, the median property tax rate in Waymart is higher than the national median of 0.99%, reflecting the specific economic and administrative conditions of Wayne County. Homeowners need to be aware of these factors as they can significantly impact their annual expenses.
Average Waymart Tax Bill
$4,045
Average Wayne County Tax Bill
$4,013
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Waymart, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18472 | $677 | $2,645 | $4,045 | $5,717 | $7,775 |
Source: Ownwell