Ludlow, Maine Property Taxes
The median property tax rate in Ludlow, ME is 1.60%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Ludlow, the typical annual property tax bill reaches $2,006, exceeding the national median of $2,690. Property taxes in Ludlow are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ludlow'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 Ludlow 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
Ludlow, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$1,935
Ownwell’s Ludlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ludlow 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 Ludlow, Maine
Property taxes in Ludlow, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ludlow is 1.60%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ludlow 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 Ludlow's effective property tax rate to other counties in Maine and the national median. For comparison, the 04730 zip code has both the highest and lowest median property tax rate of 1.60%. Understanding how these areas compare with Ludlow 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 Ludlow Tax Rate
1.60%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ludlow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04730 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Ludlow, Maine
In Ludlow, 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 authorities 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 Ludlow, 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. 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 Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $2006 in the 04730 zip code, while the lowest median tax bill is also $2006 in the same zip code. This highlights the importance of understanding your specific situation to make informed decisions.
Average Ludlow Assessed Value
$120,950
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 Ludlow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04730 | $42,837 | $71,712 | $120,950 | $161,662 | $202,130 |
Source: Ownwell
Property Tax Bills Across Ludlow, Maine
In Ludlow, Aroostook County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as home size, location, and market conditions are taken into account during the assessment process. For homeowners in Ludlow, the median home price stands at $120,950. Property tax bills can vary significantly, with the 25th percentile at $1,168 and the 75th percentile reaching $2,598. The 90th percentile sees tax bills as high as $3,255. This variation underscores the impact of property value assessments and local tax rates on individual tax obligations. Comparatively, the national median property tax rate is 0.99%, indicating that homeowners in Ludlow might experience different financial burdens depending on their property's assessed value. Understanding these factors can help homeowners anticipate their annual tax responsibilities and plan accordingly.
Average Ludlow Tax Bill
$2,006
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Ludlow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04730 | $711 | $1,168 | $2,006 | $2,598 | $3,255 |
Source: Ownwell