Brooklin, Maine Property Taxes
The median property tax rate in Brooklin, ME is 0.74%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Brooklin at $212,900, the typical annual property tax bill reaches $1,575, well below the national median of $2,690. Property taxes in Brooklin 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 Brooklin'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 Brooklin 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
Brooklin, 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 Brooklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooklin 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 Brooklin, Maine
Property taxes in Brooklin, Maine, are essential for funding crucial local services such as public schools, road maintenance, and emergency response. The median tax rate in Brooklin is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Brooklin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklin 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 Brooklin's effective property tax rate to other areas in Hancock County and the national median. For comparison, the zip code 04616 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Brooklin 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 Brooklin Tax Rate
0.74%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04616 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Brooklin, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Brooklin, Maine. 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 Brooklin, 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. For example, the median home price is $212,900, with tax bills ranging from $1,072 at the 25th percentile to $5,730 at the 90th percentile. The highest and lowest median tax bills are both $1,575 in the 04616 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brooklin Assessed Value
$212,900
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 Brooklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04616 | $114,120 | $144,850 | $212,900 | $330,450 | $774,340 |
Source: Ownwell
Property Tax Bills Across Brooklin, Maine
In Brooklin, situated in Hancock County, ME, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $212,900, homeowners can expect a tax bill that varies widely, reflecting the assessed value of their property and the specific tax rate applied. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile of tax bills pay around $1,072, while those in the 75th percentile see bills closer to $2,446. At the higher end, the 90th percentile tax bill can reach up to $5,730. This variability in property tax bills significantly impacts homeowners' finances, with those owning higher-valued properties shouldering a larger tax burden. Brooklin's property tax rate stands out when compared to the national median rate of 0.99%, emphasizing the importance of understanding local tax obligations for homeowners.
Average Brooklin Tax Bill
$1,575
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklin, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04616 | $845 | $1,072 | $1,575 | $2,446 | $5,730 |
Source: Ownwell