Verona Island, Maine Property Taxes
The median property tax rate in Verona Island, ME is 1.37%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $185,880 in Verona Island, the typical annual property tax bill reaches $2,537, slightly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences. Understanding Verona Island'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 Verona Island or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verona Island, 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 Verona Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verona Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona Island 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 Verona Island, Maine
Property taxes in Verona Island, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona Island is 1.37%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Verona Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona Island 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 Verona Island's effective property tax rate to other counties in Maine and the national median. For comparison, the 04416 zip code has the highest median property tax rate of 1.37%, while the 04416 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Verona Island 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 Verona Island Tax Rate
1.37%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | 1.36% | 1.36% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Verona Island, Maine
In Verona Island, 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 Verona Island, 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 Verona Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $185,880, with tax bills ranging from $1,702 at the 25th percentile to $4,129 at the 90th percentile. The highest and lowest median tax bills are both $2,537 in the 04416 zip code.
Average Verona Island Assessed Value
$185,880
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 Verona Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | $103,000 | $124,680 | $185,880 | $240,990 | $300,232 |
Source: Ownwell
Property Tax Bills Across Verona Island, Maine
In Verona Island, located in Hancock County, ME, 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 reflects the market value of the home. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Verona Island, the median home price is $185,880. The property tax bills can vary significantly, with the 25th percentile paying around $1,702 annually, while those in the 75th percentile face a tax bill of approximately $3,290. At the higher end, the 90th percentile sees tax bills reaching $4,129 per year. Comparatively, the highest median tax bill in the region is $2,537 in the 04416 zip code. These property tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly.
Average Verona Island Tax Bill
$2,537
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | $1,462 | $1,702 | $2,537 | $3,290 | $4,129 |
Source: Ownwell