Phillips, Maine Property Taxes
The median property tax rate in Phillips, ME is 1.92%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Phillips, the typical annual property tax bill reaches $2,010, exceeding the national median of $2,690. Property taxes in Phillips 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 Phillips'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 Phillips 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
Phillips, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Phillips Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phillips with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phillips 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 Phillips, Maine
Property taxes in Phillips, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phillips is 1.92%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Phillips set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phillips 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 Phillips' effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04966 has the highest median property tax rate of 1.92%, while the lowest median tax rate is also 1.92% in the same zip code. Understanding how these areas compare with Phillips provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Phillips Tax Rate
1.92%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phillips, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Phillips, Maine
In Phillips, 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 Franklin County 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 Phillips, 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 Phillips helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Phillips is $105,568, with tax bills ranging from $1,458 at the 25th percentile to $3,804 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 04966, at $2,010.
Average Phillips Assessed Value
$105,568
Average Franklin County Assessed Value
$119,100
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Phillips, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | $54,228 | $77,625 | $105,568 | $146,922 | $202,986 |
Source: Ownwell
Property Tax Bills Across Phillips, Maine
In Phillips, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's size, age, location, and condition. For example, the median home price in Phillips is $105,568, which provides a baseline for understanding potential tax bills in the area. Homeowners in Phillips can expect tax bills that vary significantly. The 25th percentile tax bill is $1,458, while the 75th percentile reaches $2,810, and the 90th percentile climbs to $3,804. These figures highlight the range of property tax burdens, depending on the specific characteristics and assessed value of the property. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Phillips to understand how local assessments and tax rates impact their financial obligations. This variability underscores the importance of accurate assessments and awareness of local tax rates for homeowners.
Average Phillips Tax Bill
$2,010
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Phillips, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | $1,041 | $1,458 | $2,010 | $2,810 | $3,804 |
Source: Ownwell