Stonington, Maine Property Taxes
The median property tax rate in Stonington, ME is 1.56%, slightly below the state median of 1.57% but significantly higher than the national median of 0.99%. With the median home value in Stonington, the typical annual property tax bill reaches $1,982, which is lower than the national median of $2,690. Property taxes in Stonington are calculated based on the tax assessed value, which often falls below the market value thanks to various exemptions like the primary residence and agricultural exemptions. Understanding Stonington'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 Stonington 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
Stonington, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,987
Ownwell’s Stonington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stonington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonington 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 Stonington, Maine
Property taxes in Stonington, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonington is 1.56%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Stonington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonington 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 Stonington's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04681 has both the highest and lowest median property tax rate of 1.56%. Understanding how these cities compare with Stonington 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 Stonington Tax Rate
1.56%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04681 | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Stonington, Maine
In Stonington, 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 Stonington, 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 Stonington 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 is 04681, with a median tax bill of $1982.
Average Stonington Assessed Value
$127,400
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 Stonington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04681 | $54,220 | $84,000 | $127,400 | $225,700 | $336,640 |
Source: Ownwell
Property Tax Bills Across Stonington, Maine
In Stonington, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The median home price in Stonington is $127,400. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and market conditions. Homeowners in Stonington can expect their tax bills to vary. For example, the tax bill at the 25th percentile is $1,307, while at the 75th percentile, it rises to $3,512. At the 90th percentile, homeowners might pay as much as $5,238. Compared to the national median property tax rate of 0.99%, Stonington's tax rates reflect the specific needs and budgetary requirements of Hancock County. These property tax bills directly impact homeowners, influencing their overall housing costs and potentially affecting the affordability of homeownership. Understanding how these taxes are calculated can help homeowners better plan their finances and anticipate future expenses.
Average Stonington Tax Bill
$1,982
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04681 | $844 | $1,307 | $1,982 | $3,512 | $5,238 |
Source: Ownwell