Prospect Harbor, Maine Property Taxes
The median property tax rate in Prospect Harbor, ME is 1.22%, slightly higher than the national median of 0.99% but below the Maine state median of 1.57%. With a median home value of $215,300 in Prospect Harbor, the typical annual property tax bill amounts to $2,638, which is just under the national median of $2,690. Property taxes in Prospect Harbor are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding the intricacies of Prospect Harbor's property tax system, exploring available exemptions, and seeking potential reductions, homeowners and real estate investors can achieve substantial yearly savings. Whether you reside in the core of Prospect Harbor or its surrounding areas, gaining a thorough understanding of the local property tax structure is advantageous for all property owners.
Last Updated June 14, 2024
Prospect Harbor, 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 Prospect Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect Harbor, Maine
Property taxes in Prospect Harbor, Maine, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect Harbor is 1.22%, which is higher than the U.S. national median of 0.99%. Local government entities within Prospect Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect Harbor's effective property tax rate to other areas and the national median. For comparison, the zip code 04669 has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these figures compare with Prospect 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 Prospect Harbor Tax Rate
1.22%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04669 | 1.22% | 1.22% | 1.22% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Prospect Harbor, Maine
In Prospect 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 Prospect 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. The median home price in Prospect Harbor is $215,300, with tax bills ranging from $1,705 at the 25th percentile to $7,033 at the 90th percentile. 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 Prospect Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prospect Harbor Assessed Value
$215,300
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 Prospect Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04669 | $101,890 | $139,175 | $215,300 | $441,025 | $574,150 |
Source: Ownwell
Property Tax Bills Across Prospect Harbor, Maine
In Prospect Harbor, Hancock County, ME, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Prospect Harbor, the median home price is $215,300. The tax bill can vary significantly, with the 25th percentile paying around $1,705 annually, while those in the 75th percentile face bills up to $5,403. The 90th percentile sees even higher bills, reaching $7,033. Several factors influence these calculations, including property size, location, and any improvements made to the property. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. With the highest and lowest median tax bill both recorded at $2,638 in the 04669 zip code, it’s clear that property taxes in Prospect Harbor can vary widely, reflecting the diverse property values in the area.
Average Prospect Harbor Tax Bill
$2,638
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04669 | $1,248 | $1,705 | $2,638 | $5,403 | $7,033 |
Source: Ownwell