North Monmouth, Maine Property Taxes
The median property tax rate in North Monmouth, ME is 1.95%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in North Monmouth, the typical annual property tax bill reaches $2,874, exceeding the national median of $2,690. Property taxes in North Monmouth 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 North Monmouth'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 North Monmouth 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
North Monmouth, 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 North Monmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Monmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Monmouth 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 North Monmouth, Maine
Property taxes in North Monmouth, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Monmouth is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Monmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Monmouth 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 North Monmouth's effective property tax rate to other areas in Kennebec County and the national median. For comparison, the 04265 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with North Monmouth provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Monmouth Tax Rate
1.95%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Monmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04265 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across North Monmouth, Maine
In North Monmouth, 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 Kennebec 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 North Monmouth, 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 North Monmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04265 in Kennebec County has the highest median tax bill of $2,874, providing a useful reference point for homeowners.
Average North Monmouth Assessed Value
$147,350
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Monmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04265 | $80,500 | $113,975 | $147,350 | $198,750 | $270,210 |
Source: Ownwell
Property Tax Bills Across North Monmouth, Maine
In North Monmouth, located in Kennebec County, ME, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. The median home price in North Monmouth is $147,350, and homeowners can expect varying tax bills depending on their property's assessed value. Factors influencing the tax bill include property size, location, and market conditions. For instance, tax bills at the 25th percentile are around $2,222, while those at the 75th percentile reach approximately $3,876. At the higher end, the 90th percentile sees tax bills up to $5,269. The highest median tax bill in the area is $2,874, consistent across the region. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning. Comparing this to the national median property tax rate of 0.99%, North Monmouth's rates highlight the importance of understanding local tax obligations.
Average North Monmouth Tax Bill
$2,874
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across North Monmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04265 | $1,570 | $2,222 | $2,874 | $3,876 | $5,269 |
Source: Ownwell