16301 Property Tax Rate

Property owners in ZIP code 16301 (Oil City, Pennsylvania) pay a median of $1,369/year in property taxes on homes valued at $84,800. This translates to an effective tax rate of 1.61%, which is 20% above the Pennsylvania state average of 1.34%.

The monthly property tax burden for a median-valued home in 16301 is approximately $114, which factors into escrow payments on mortgages. This ZIP code is located within Venango County. This is $1,435 less than the Pennsylvania average of $2,804/year.

Compared to similar ZIP codes in Pennsylvania, 16301 has higher property taxes. ZIP codes with similar effective rates include 17344 (1.61%) and 16506 (1.61%).

In Oil City, property taxes represent approximately 2.4% of the median household income of $57,368, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 16301, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Venango County's tax assessor directly.