Otis, Maine Property Taxes
The median property tax rate in Otis, ME is 1.18%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Otis at $158,400, the typical annual property tax bill reaches $1,869, which is below the national median of $2,690. Property taxes in Otis 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 Otis'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 Otis 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
Otis, 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 Otis Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Otis with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Otis to project your property tax bill. This valuable tool provides clarity on potential tax obligations. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Otis, Maine
Property taxes in Otis, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otis is 1.18%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Otis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otis 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 Otis's effective property tax rate to other counties in Maine and the national median. For comparison, the 04605 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Otis 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 Otis Tax Rate
1.18%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otis, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Otis, Maine
In Otis, 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 Otis, 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 Otis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Hancock County is 04605, with a tax bill of $1,869.
Average Otis Assessed Value
$158,400
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 Otis, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $79,960 | $117,500 | $158,400 | $234,900 | $350,020 |
Source: Ownwell
Property Tax Bills Across Otis, Maine
In Otis, located in Hancock County, Maine, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town's assessor and represents the market value of the property. Once the property’s value is assessed, the local tax rate is applied to this value to calculate the tax bill. For homeowners in Otis, the median home price is $158,400. The property tax rate in Hancock County results in a 25th percentile tax bill of $1,387 and a 75th percentile tax bill of $2,772. For those at the higher end, the 90th percentile tax bill reaches $4,131. These figures indicate that property taxes can vary significantly based on the assessed value of the home. Comparatively, the national median property tax rate is 0.99%, and Otis's tax rates reflect a range of tax bills that can impact homeowners differently depending on their property’s assessed value. This variation underscores the importance of understanding how local assessments and tax rates can affect overall property tax obligations.
Average Otis Tax Bill
$1,869
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Otis, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $965 | $1,387 | $1,869 | $2,772 | $4,131 |
Source: Ownwell