Waterville, Maine Property Taxes
The median property tax rate in Waterville, ME is 1.99%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Waterville at $158,750, the typical annual property tax bill reaches $3,136, exceeding the national median of $2,690. Property taxes in Waterville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waterville'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 Waterville 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
Waterville, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$3,159
Ownwell’s Waterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterville 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 Waterville, Maine
Property taxes in Waterville, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterville is 1.99%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Waterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterville 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 Waterville's effective property tax rate to other counties in Maine and the national median. For comparison, the 04901 zip code has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Waterville 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 Waterville Tax Rate
1.99%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | 1.99% | 1.99% | 1.99% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Maine
In Waterville, 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. Assessment notices in Waterville 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 zip code with the highest and lowest median tax bill is 04901, with a median tax bill of $3,136. Being aware of these valuation processes in Waterville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterville Assessed Value
$158,750
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 Waterville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | $69,400 | $118,800 | $158,750 | $207,300 | $281,480 |
Source: Ownwell
Property Tax Bills Across Waterville, Maine
In Waterville, located in Kennebec County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $158,750, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Tax bills in Waterville range significantly, with the 25th percentile at $2,346 and the 75th percentile at $4,095, indicating a broad spectrum of property values and tax liabilities. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. Homeowners in the highest median tax bill zip code, 04901, face an annual tax bill of $3,136, which is above the national median property tax rate of 0.99%. These property taxes contribute to essential public services, impacting the overall cost of homeownership and the local community's infrastructure and amenities.
Average Waterville Tax Bill
$3,136
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04901 | $1,371 | $2,346 | $3,136 | $4,095 | $5,540 |
Source: Ownwell