Hyde Park, Pennsylvania Property Taxes
The median property tax rate in Hyde Park, PA is 14.11%, considerably higher than both the national median of 0.99% and the Pennsylvania state median of 2.81%. With the median home value in Hyde Park being $8,900, the typical annual property tax bill reaches $1,255, which is below the national median of $2,690. Property taxes in Hyde Park 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 Hyde Park'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 Hyde Park 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
Hyde Park, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
14.11%
Estimate Property Tax Bill
$1,256
-$13,161
Ownwell’s Hyde Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hyde Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hyde Park 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 Hyde Park, Pennsylvania
Property taxes in Hyde Park, Pennsylvania, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hyde Park is 14.11%, significantly higher than both the Pennsylvania state median and the U.S. national median of 0.99%. Local government entities within Hyde Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hyde Park 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 Hyde Park's effective property tax rate to other areas in Pennsylvania and the national median. For comparison, the zip code 15641 has the highest median property tax rate of 14.11%, while the lowest median tax rate is also 14.11% in the same zip code. Understanding how these cities compare with Hyde Park provides valuable insights into the varying tax landscape across Westmoreland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hyde Park Tax Rate
14.11%
Average Westmoreland County Tax Rate
12.81%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hyde Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15641 | 14.11% | 14.11% | 14.11% | 14.11% | 14.11% |
Source: Ownwell
Property Tax Assessment Values Across Hyde Park, Pennsylvania
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hyde Park, PA. 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 Westmoreland 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 Hyde Park, 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 Hyde Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 15641 at $1,255, while the lowest median tax bill is also in 15641 at $1,255.
Average Hyde Park Assessed Value
$8,900
Average Westmoreland County Assessed Value
$16,850
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hyde Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15641 | $3,896 | $6,030 | $8,900 | $14,440 | $20,680 |
Source: Ownwell
Property Tax Bills Across Hyde Park, Pennsylvania
In Hyde Park, Westmoreland County, PA, property tax bills are calculated based on the assessed value of a home, not its market value. The local government determines this assessed value, which is then multiplied by the property tax rate to generate the tax bill. For example, with a median home price of $8,900, homeowners in Hyde Park can expect their tax bills to vary significantly. The 25th percentile tax bill is around $856, while the 75th percentile tax bill reaches approximately $2,035. For those in the 90th percentile, tax bills can be as high as $2,907. These variations impact homeowners differently, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, the tax burden in Hyde Park can be relatively high, especially for homes with higher assessed values. This system ensures that property taxes are distributed based on property worth, but it also means that homeowners need to be aware of how their property's assessed value can influence their annual tax obligations.
Average Hyde Park Tax Bill
$1,255
Average Westmoreland County Tax Bill
$2,150
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Hyde Park, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 15641 | $559 | $856 | $1,255 | $2,035 | $2,907 |
Source: Ownwell