Tunkhannock, Pennsylvania Property Taxes
The median property tax rate in Tunkhannock, PA is 5.74%, considerably higher than both the national median of 0.99% and Pennsylvania's state median of 2.81%. With the median home value in Tunkhannock at $52,390, the typical annual property tax bill reaches $3,164, exceeding the national median of $2,690. Property taxes in Tunkhannock 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 Tunkhannock'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 Tunkhannock 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
Tunkhannock, Pennsylvania Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.74%
Estimate Property Tax Bill
$3,007
-$31,515
Ownwell’s Tunkhannock Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tunkhannock with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tunkhannock to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is the value assigned by Wyoming County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Tunkhannock, Pennsylvania
Property taxes in Tunkhannock, Pennsylvania, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tunkhannock is 5.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tunkhannock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunkhannock 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 Tunkhannock's effective property tax rate to other counties in Pennsylvania and the national median. For comparison, the zip code 18657 has the highest median property tax rate of 5.74%, while the same zip code also has the lowest median tax rate of 5.74%. Understanding how these cities compare with Tunkhannock provides valuable insights into the varying tax landscape across Wyoming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tunkhannock Tax Rate
5.74%
Average Wyoming County Tax Rate
5.74%
Average Pennsylvania Tax Rate
2.81%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunkhannock, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18657 | 5.54% | 5.65% | 5.74% | 5.74% | 6.96% |
Source: Ownwell
Property Tax Assessment Values Across Tunkhannock, Pennsylvania
In Tunkhannock, 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 Wyoming 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 Tunkhannock, 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. The median home price in Tunkhannock is $52,390, with the highest and lowest median tax bills both being $3,164 in zip code 18657. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tunkhannock Assessed Value
$52,390
Average Wyoming County Assessed Value
$49,130
Average Pennsylvania Assessed Value
$114,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tunkhannock, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18657 | $19,780 | $35,400 | $52,390 | $73,965 | $103,144 |
Source: Ownwell
Property Tax Bills Across Tunkhannock, Pennsylvania
In Tunkhannock, located in Wyoming County, PA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Tunkhannock, the median home price is $52,390. Tax bills can vary significantly; the 25th percentile tax bill is $2,158, while the 75th percentile tax bill reaches $4,411. At the 90th percentile, homeowners could see tax bills as high as $6,000. These figures indicate that property taxes can represent a substantial portion of homeownership costs, impacting household budgets. The highest and lowest median tax bills both stand at $3,164 in the 18657 zip code, reflecting a consistent tax burden across the area. Compared to the national median property tax rate of 0.99%, Tunkhannock's property tax rates can be relatively high, affecting affordability and long-term financial planning for homeowners.
Average Tunkhannock Tax Bill
$3,164
Average Wyoming County Tax Bill
$2,930
Average Pennsylvania Tax Bill
$3,063
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunkhannock, Pennsylvania
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 18657 | $1,309 | $2,158 | $3,164 | $4,411 | $6,000 |
Source: Ownwell