Sharon City School District - Budget - Real Estate Taxes

Real Estate Taxes

Property tax rates in 2013-14 were set by the Sharon City School Board at 68.3000 mills. A mill is $1 of tax for every $1,000 of a property's assessed value. Irregular property reassessments have become a serious issue in the Commonwealth as it creates a significant disparity in taxation within a community and across a region. Property taxes, in the Commonwealth of Pennsylvania, apply only to real estate - land and buildings. The property tax is not levied on cars, business inventory, or other personal property. Certain types of property are exempt from property taxes including: places of worship, places of burial, private social clubs, charitable and educational institutions and all government property (local, state and federal). Additionally, service related, disabled US military veterans may seek an exemption from paying property taxes. Pennsylvania school district revenues are dominated by two main sources: 1) Property tax collections, which account for the vast majority (between 75-85%) of local revenues; and 2) Act 511 tax collections, which are around 15% of revenues for school districts.

  • 2012-13 - 66.5000 mills.
  • 2011-12 - 63.4000 mills.
  • 2010-11 - 63.4000 mills.
  • 2009-10 - 61.4000 mills.
  • 2008-09 - 59.4000 mills.
  • 2007-08 - 59.4000 mills.
  • 2006-07 - 56.9000 mills.
  • 2005-06 - 55.9000 mills.

The average yearly property tax paid by Mercer County residents amounts to about 2.88% of their yearly income. Mercer County ranked 672nd out of the 3143 United States counties for property taxes as a percentage of median income. According to a report prepared by the Pennsylvania Department of Education, the total real estate taxes collected by all school districts in Pennsylvania rose from $6,474,133,936 in 1999-00 to $10,438,463,356 in 2008-09 and to $11,153,412,490 in 2011. Property taxes in Pennsylvania are relatively high on a national scale. According to the Tax Foundation, Pennsylvania ranked 11th in the U.S. in 2008 in terms of property taxes paid as a percentage of home value (1.34%) and 12th in the country in terms of property taxes as a percentage of income (3.55%).

Read more about this topic:  Sharon City School District, Budget

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