Brooksville, Maine Property Taxes
The median property tax rate in Brooksville, ME is 0.68%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Brooksville at $223,950, the typical annual property tax bill is $1,527, which is below the national median of $2,690. Property taxes in Brooksville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Brooksville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Brooksville 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
Brooksville, 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 Brooksville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooksville 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 Brooksville, Maine
Property taxes in Brooksville, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooksville is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Brooksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooksville 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 Brooksville's effective property tax rate to other areas in Hancock County and the national median. For comparison, the 04617 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Brooksville 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 Brooksville Tax Rate
0.68%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooksville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04617 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Brooksville, Maine
In Brooksville, 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 Brooksville, 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 Brooksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,527 in the 04617 zip code, while the lowest is also $1,527 in the same zip code.
Average Brooksville Assessed Value
$223,950
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 Brooksville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04617 | $105,300 | $157,950 | $223,950 | $344,850 | $580,500 |
Source: Ownwell
Property Tax Bills Across Brooksville, Maine
In Brooksville, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, determined by the town's assessor. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Brooksville is $223,950. Homeowners pay varying amounts in property taxes, with the 25th percentile tax bill at $1,077 and the 75th percentile at $2,352. The highest median tax bill in the area is $1,527, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding how these taxes are calculated can help in budgeting and financial planning, ensuring they are prepared for their annual tax obligations.
Average Brooksville Tax Bill
$1,527
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooksville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04617 | $718 | $1,077 | $1,527 | $2,352 | $3,959 |
Source: Ownwell