Northeast Harbor, Maine Property Taxes
The median property tax rate in Northeast 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 $553,400 in Northeast Harbor, the typical annual property tax bill reaches $4,826, significantly surpassing the national median of $2,690. Property taxes in Northeast Harbor are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding Northeast Harbor'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 Northeast Harbor or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Northeast Harbor, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$4,815
Ownwell’s Northeast Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northeast Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northeast 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 Northeast Harbor, Maine
Property taxes in Northeast Harbor, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northeast Harbor is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Northeast Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northeast 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 Northeast Harbor's effective property tax rate to other counties in Maine and the national median. For comparison, the 04662 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 Northeast 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 Northeast 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 Northeast Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04662 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Northeast Harbor, Maine
In Northeast 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 Northeast 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 Northeast Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,826, found in zip code 04662.
Average Northeast Harbor Assessed Value
$553,400
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 Northeast Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04662 | $421,470 | $517,675 | $553,400 | $785,150 | $1,814,520 |
Source: Ownwell
Property Tax Bills Across Northeast Harbor, Maine
In Northeast Harbor, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and reflects the property's market value. Homeowners in this region face a median property tax rate that translates into varying tax bills depending on their property's value. For instance, a home with a median price of $553,400 would generate a tax bill that can range from $4,514 at the 25th percentile to $6,846 at the 75th percentile, and even up to $15,823 at the 90th percentile. These tax bills are influenced by factors such as property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, homeowners in Northeast Harbor may experience higher property tax bills, which can significantly impact their annual budget and overall cost of homeownership.
Average Northeast Harbor Tax Bill
$4,826
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Northeast Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04662 | $3,675 | $4,514 | $4,826 | $6,846 | $15,823 |
Source: Ownwell