Oil City, Venango County, Pennsylvania Property Taxes

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

Median Oil City, PA effective property tax rate: 3.45%, significantly higher than the national median of 1.02%, but lower than the Pennsylvania state median of 2.81%.
Median Oil City, PA home value: $39,470
Median annual Oil City, PA tax bill: $1,254, $1,146 lower than the national median property tax bill of $2,400.

How are property taxes in Venango calculated?

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

Last Updated March 1, 2025

Oil City, Venango County, Pennsylvania Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.45%

Estimate Property Tax Bill

$1,362

$1,264

Ownwell’s Oil City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oil City with just two data points. By entering your property's estimated assessed value, our calculator applies Oil 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 Venango County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Oil City, Venango County, Pennsylvania

Local government entities set tax rates, which can vary widely within a state. This variation is due to each county estimating its required budget to provide services and dividing that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process. In Oil City, located in Venango County, Pennsylvania, the effective property tax rate is notably higher than both the state and national averages. Pennsylvania's median property tax rate is significantly lower than Oil City’s rate, which is one of the highest in the state. This is a stark contrast to the national median property tax rate of 1.02%. Consequently, property tax bills in Oil City are substantially higher than the national median of $2,400. For property owners in Oil City, this emphasizes the importance of understanding local tax assessments and exploring potential appeal or exemption opportunities to manage these costs.

Property Tax Rates Across Oil City, Venango County, Pennsylvania

Source: Ownwell

2.13%

2.79%

3.45%

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 Oil City Tax Rate

3.45%

Median Effective Venango County Tax Rate

2.58%

Median Effective Pennsylvania Tax Rate

2.81%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Oil City, Venango County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
16301	2.29%	2.53%	3.45%	3.45%	3.45%

Source: Ownwell

Property Tax Assessment Values Across Oil City, Venango County, Pennsylvania

When examining property taxes in Oil 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 Venango 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. Assessment notices: Venango County sends assessment notices 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 Oil City. For example, the median home price in Oil City is $39,470, with tax bills ranging significantly across the county. Zip code 16301 has the highest median home price at $39,470.

Property Tax Assessment Values Across Oil City, Venango County, Pennsylvania

Source: Ownwell

$18,515

$50,353

$82,190

Median Oil City Market Value

$39,470

Median Venango County Market Value

$44,370

Median Pennsylvania Market Value

$114,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Oil City, Venango County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
16301	$8,330	$23,980	$39,470	$67,380	$102,870

Source: Ownwell

Property Tax Bills Across Oil City, Venango County, Pennsylvania

In Oil City, located in Venango County, PA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, size, and property condition. With a median home price of $39,470, property taxes can vary significantly. For instance, the tax bill at the 25th percentile is $847, while it can reach up to $2,900 at the 90th percentile. This variation highlights the impact of property assessments on homeowners' tax obligations. Compared to the national median property tax bill of $2,400, Oil City's tax bills can be relatively high for certain homeowners. Ownwell assists homeowners by providing expert property tax appeal services, potentially lowering their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell ensures that homeowners only pay their fair share, helping them save money and reduce financial stress.

Property Tax Bills Across Oil City, Venango County, Pennsylvania

Source: Ownwell

$517

$1,482

$2,447

Median Oil City Tax Bill

$1,254

Median Venango County Tax Bill

$1,365

Median Pennsylvania Tax Bill

$3,063

Median United States Tax Bill

$2,400

Property Tax Bills Across Oil City, Venango County, Pennsylvania

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
16301	$474	$847	$1,254	$1,920	$2,900

Source: Ownwell