Thomaston, Maine Property Taxes
The median property tax rate in Thomaston, ME is 2.18%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Thomaston, the typical annual property tax bill reaches $3,512, surpassing the national median of $2,690. Property taxes in Thomaston 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 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 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
Thomaston, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$3,508
Ownwell’s Thomaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Thomaston, Maine
Property taxes in Thomaston, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomaston is 2.18%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Thomaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Thomaston's effective property tax rate to other counties in Maine and the national median. For comparison, the 04861 zip code has the highest median property tax rate of 2.18%, while the 04861 zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with 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 Thomaston Tax Rate
2.18%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04861 | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Thomaston, Maine
In 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 Knox County 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 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 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 $3,512, found in the 04861 zip code.
Average Thomaston Assessed Value
$160,924
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 Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04861 | $94,640 | $123,406 | $160,924 | $209,306 | $274,669 |
Source: Ownwell
Property Tax Bills Across Thomaston, Maine
In Thomaston, located in Knox County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Thomaston is $160,924. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as home improvements, neighborhood developments, and changes in the local economy can influence the assessed value of a property. Homeowners in Thomaston can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $2,693, while the 75th percentile tax bill rises to about $4,567. The 90th percentile tax bill can reach up to $5,993. These figures highlight the range of property tax obligations faced by residents, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Thomaston's tax rates can lead to higher annual tax bills, impacting homeowners' financial planning and overall cost of living.
Average Thomaston Tax Bill
$3,512
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomaston, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04861 | $2,065 | $2,693 | $3,512 | $4,567 | $5,993 |
Source: Ownwell