Grand Isle, Maine Property Taxes
The median property tax rate in Grand Isle, ME is 1.88%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Grand Isle at $66,850, the typical annual property tax bill reaches $1,254, which is below the national median of $2,690. Property taxes in Grand Isle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Isle'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 Grand Isle 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
Grand Isle, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$1,257
Ownwell’s Grand Isle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Isle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Isle to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grand Isle, Maine
Property taxes in Grand Isle, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Isle is 1.88%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Grand Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Isle 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 Grand Isle's effective property tax rate to other counties in Maine and the national median. For comparison, the 04746 zip code has both the highest and lowest median property tax rate of 1.88%. Understanding how these cities compare with Grand Isle provides valuable insights into the varying tax landscape across Aroostook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Isle Tax Rate
1.88%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04746 | 1.87% | 1.87% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Grand Isle, Maine
In Grand Isle, Maine, 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 local appraisal district 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 Grand Isle, 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. The median home price in Grand Isle is $66,850, with tax bills ranging from $955 at the 25th percentile to $2,109 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Grand Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grand Isle Assessed Value
$66,850
Average Aroostook County Assessed Value
$86,999
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04746 | $35,410 | $50,925 | $66,850 | $90,850 | $116,010 |
Source: Ownwell
Property Tax Bills Across Grand Isle, Maine
In Grand Isle, located in Aroostook County, ME, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $66,850. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors come into play when determining the assessed value, including the home's size, age, location, and condition. The property tax rate in Grand Isle is higher than the national median property tax rate of 0.99%. For homeowners, this means that even with a relatively low median home price, the tax bills can be substantial. For instance, tax bills at the 25th percentile are around $955, while those at the 75th percentile reach $1,700. At the 90th percentile, tax bills can go up to $2,109. This variability affects homeowners differently, impacting their annual budgeting and long-term financial planning. The highest and lowest median tax bills in the area are both $1,254, found in the zip code 04746.
Average Grand Isle Tax Bill
$1,254
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04746 | $664 | $955 | $1,254 | $1,700 | $2,109 |
Source: Ownwell