Boothbay, Maine Property Taxes
The median property tax rate in Boothbay, ME is 1.01%, slightly above the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $240,203, the typical annual property tax bill in Boothbay reaches $2,465, which is just under the national median of $2,690. Property taxes in Boothbay are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Boothbay'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 Boothbay or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boothbay, 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 Boothbay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boothbay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boothbay 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 Boothbay, Maine
Property taxes in Boothbay, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boothbay is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Boothbay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boothbay 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 Boothbay's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the 04537 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Boothbay provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boothbay Tax Rate
1.01%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04537 | 1.00% | 1.00% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Boothbay, Maine
In Boothbay, 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 Lincoln 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 Boothbay, 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. Boothbay's median home price stands at $240,203, with tax bills ranging from $1,578 at the 25th percentile to $6,563 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,465, found in the 04537 zip code. 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 Boothbay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boothbay Assessed Value
$240,203
Average Lincoln County Assessed Value
$224,290
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04537 | $75,053 | $152,499 | $240,203 | $391,140 | $642,010 |
Source: Ownwell
Property Tax Bills Across Boothbay, Maine
In Boothbay, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Boothbay can expect a median property tax bill of approximately $2,465, which aligns with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements made to the home. For example, the tax bill for homes in the 25th percentile is around $1,578, while those in the 75th percentile can reach up to $3,977. Properties in the 90th percentile experience even higher tax bills, averaging $6,563. These property taxes play a crucial role in funding local services such as schools, emergency services, and infrastructure projects. Understanding how property tax bills are calculated helps homeowners budget effectively and anticipate annual expenses.
Average Boothbay Tax Bill
$2,465
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04537 | $961 | $1,578 | $2,465 | $3,977 | $6,563 |
Source: Ownwell