Lake City, Erie County, Pennsylvania Property Taxes

Name: Property Tax Bills Across Lake City, Erie County, Pennsylvania
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lake City, PA effective property tax rate: 2.84%, significantly higher than the national median of 1.02%, but lower than the Pennsylvania state median of 2.81%.
Median Lake City, PA home value: $98,600
Median annual Lake City, PA tax bill: $2,726, $326 higher than the national median property tax bill of $2,400.

How are property taxes in Erie calculated?

Property taxes in Lake City, PA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lake City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake City, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lake City, Erie County, Pennsylvania Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.84%

Estimate Property Tax Bill

$2,800

$2,599

Ownwell’s Lake City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, our calculator applies Lake City’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Erie County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lake City, Erie County, Pennsylvania

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Lake City’s effective property tax rate to other cities in Pennsylvania and the median property tax rates in Pennsylvania and the U.S. Lake City in Erie County has a median property tax rate of 2.84%, which is significantly higher than the national median of 1.02%. This places Lake City among the cities with the highest property tax rates in the state. The higher tax rate reflects the county’s budgetary needs and the total value of taxable properties. Understanding these variations can help property owners in Lake City make informed decisions and potentially explore tax appeal options.

Property Tax Rates Across Lake City, Erie County, Pennsylvania

Source: Ownwell

1.82%

2.79%

3.76%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lake City Tax Rate

2.84%

Median Effective Erie County Tax Rate

2.59%

Median Effective Pennsylvania Tax Rate

2.81%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Erie County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
16423	2.62%	2.62%	2.83%	2.84%	2.84%

Source: Ownwell

Property Tax Assessment Values Across Lake City, Erie County, Pennsylvania

When examining property taxes in Lake City, PA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Erie County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Erie County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake City. For example, the median home price in Lake City is $98,600, with tax bills ranging significantly across the county. 16423 has the highest median home price at $98,600.

Property Tax Assessment Values Across Lake City, Erie County, Pennsylvania

Source: Ownwell

$33,860

$103,725

$173,590

Median Lake City Market Value

$98,600

Median Erie County Market Value

$98,900

Median Pennsylvania Market Value

$114,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake City, Erie County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
16423	$17,840	$65,750	$98,600	$122,130	$150,982

Source: Ownwell

Property Tax Bills Across Lake City, Erie County, Pennsylvania

In Lake City, Erie County, PA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and condition can influence the assessed value. Homeowners in Lake City face a median property tax bill of $2,726, which is above the national median of $2,400. This means that many homeowners may be paying more than the national average, with bills ranging from $1,831 at the 25th percentile to $4,120 at the 90th percentile.

Ownwell can assist homeowners in Lake City by identifying opportunities for property tax savings. Our team of experts reviews property assessments to ensure that they are fair and accurate. If discrepancies are found, Ownwell can file an appeal on behalf of the homeowner, potentially lowering their tax bill. By leveraging our expertise, homeowners can ensure they are not overpaying on their property taxes.

Property Tax Bills Across Lake City, Erie County, Pennsylvania

Source: Ownwell

$1,270

$2,881

$4,492

Median Lake City Tax Bill

$2,726

Median Erie County Tax Bill

$2,898

Median Pennsylvania Tax Bill

$3,063

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Erie County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
16423	$506	$1,831	$2,726	$3,394	$4,120

Source: Ownwell