Penobscot, Maine Property Taxes
The median property tax rate in Penobscot, ME is 1.14%, considerably higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With the median home value in Penobscot at $163,900, the typical annual property tax bill amounts to $1,868, which is below the national median of $2,690. Property taxes in Penobscot 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 Penobscot'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 Penobscot 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
Penobscot, 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 Penobscot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penobscot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penobscot 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 Penobscot, Maine
Property taxes in Penobscot, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penobscot is 1.14%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Penobscot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penobscot 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 Penobscot's effective property tax rate to other counties in Maine and the national median. For comparison, the 04476 zip code has the highest median property tax rate of 1.14%, while the 04476 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Penobscot 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 Penobscot Tax Rate
1.14%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penobscot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04476 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Penobscot, Maine
In Penobscot, 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 local 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 Penobscot, 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. The median home price in Penobscot is $163,900, with tax bills ranging from $1,246 at the 25th percentile to $4,303 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 04476, with a value of $1,868. Being aware of these valuation processes in Penobscot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penobscot Assessed Value
$163,900
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 Penobscot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04476 | $67,940 | $109,250 | $163,900 | $230,050 | $377,420 |
Source: Ownwell
Property Tax Bills Across Penobscot, Maine
In Penobscot, 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 market value of the home. Homeowners in Penobscot can expect a median home price of $163,900. The tax rate is applied to this assessed value to determine the annual property tax bill. For example, the tax bill at the 25th percentile is $1,246, indicating that 25% of homeowners pay less than this amount, while the 75th percentile tax bill is $2,622, meaning 75% of homeowners pay less. At the higher end, the 90th percentile tax bill reaches $4,303. The highest median tax bill in the area is $1,868, and this is consistent across zip code 04476. These property taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Homeowners should be aware of these factors as they can significantly influence their overall housing costs.
Average Penobscot Tax Bill
$1,868
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Penobscot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04476 | $774 | $1,246 | $1,868 | $2,622 | $4,303 |
Source: Ownwell