South Thomaston, Maine Property Taxes
The median property tax rate in South Thomaston, ME is 1.62%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in South Thomaston, the typical annual property tax bill reaches $3,698, exceeding the national median of $2,690. Property taxes in South Thomaston 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 South Thomaston'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 South Thomaston 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
South Thomaston, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$3,714
Ownwell’s South Thomaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Thomaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Thomaston 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 South Thomaston, Maine
Property taxes in South Thomaston, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Thomaston is 1.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Thomaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Thomaston 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 South Thomaston's effective property tax rate to other areas and the national median. For comparison, the zip code 04858 has the highest median property tax rate of 1.62%, which is also the lowest median tax rate in the area. Understanding how these figures compare with South Thomaston provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Thomaston Tax Rate
1.62%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04858 | 1.61% | 1.61% | 1.62% | 1.62% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across South Thomaston, Maine
In South Thomaston, 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 Knox 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 South Thomaston, 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 South Thomaston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,698, found in the zip code 04858.
Average South Thomaston Assessed Value
$229,250
Average Knox County Assessed Value
$198,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04858 | $117,410 | $163,075 | $229,250 | $332,625 | $462,830 |
Source: Ownwell
Property Tax Bills Across South Thomaston, Maine
In South Thomaston, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price here is $229,250, and the tax rate is applied to this value to determine the annual tax bill. Factors such as property size, location, and any improvements made to the property can influence its assessed value. Homeowners in South Thomaston can expect tax bills to vary widely, with the 25th percentile paying around $2,628 and the 75th percentile facing bills up to $5,348. Those in the 90th percentile may see tax bills as high as $7,459. The median tax bill in the area is $3,698, which is significantly higher than the national median property tax rate of 0.99%. This higher tax burden can affect homeowners by increasing their annual housing costs, making it crucial to understand how these taxes are calculated and what factors might influence any changes in their tax bills.
Average South Thomaston Tax Bill
$3,698
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across South Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04858 | $1,896 | $2,628 | $3,698 | $5,348 | $7,459 |
Source: Ownwell