Bar Harbor, Maine Property Taxes
The median property tax rate in Bar Harbor, ME is 0.87%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $523,700 in Bar Harbor, the typical annual property tax bill amounts to $4,546, significantly surpassing the national median of $2,690. Property taxes in Bar Harbor are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Bar Harbor's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're situated in the heart of Bar Harbor or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bar Harbor, 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 Bar Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bar Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bar Harbor 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 Bar Harbor, Maine
Property taxes in Bar Harbor, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bar Harbor is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Bar Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bar Harbor 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 Bar Harbor's effective property tax rate to other counties in Maine and the national median. For comparison, the 04609 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Bar Harbor provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bar Harbor Tax Rate
0.87%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bar Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04609 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Bar Harbor, Maine
In Bar Harbor, 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 Hancock 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 Bar Harbor, 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 Bar Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $4,546 in the 04609 zip code.
Average Bar Harbor Assessed Value
$523,700
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bar Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04609 | $315,160 | $409,200 | $523,700 | $659,700 | $962,380 |
Source: Ownwell
Property Tax Bills Across Bar Harbor, Maine
In Bar Harbor, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, the tax rate, known as the mill rate, is applied. This rate is set by local government authorities and can vary yearly based on budgetary needs and public services funding. Several factors influence the tax bill, including property size, location, and market conditions. For instance, a median home price in Bar Harbor is $523,700, leading to varying tax bills. Homeowners in the 25th percentile pay around $3,554, while those in the 75th percentile face bills of approximately $5,726. At the 90th percentile, the tax bill can reach up to $8,353. These amounts reflect how property taxes can significantly impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Bar Harbor's property taxes can be relatively high, underscoring the importance of understanding local tax dynamics.
Average Bar Harbor Tax Bill
$4,546
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bar Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04609 | $2,744 | $3,554 | $4,546 | $5,726 | $8,353 |
Source: Ownwell