Bristol, Maine Property Taxes
The median property tax rate in Bristol, ME is 0.72%, which is considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $252,200 in Bristol, the typical annual property tax bill is $1,812, significantly below the national median of $2,690. Property taxes in Bristol are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bristol'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 Bristol 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
Bristol, 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 Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Maine
Property taxes in Bristol, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04539 has the same median property tax rate of 0.72%, indicating a consistent tax landscape within the region. Understanding how these cities compare with Bristol 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 Bristol Tax Rate
0.72%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04539 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Maine
In Bristol, 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 local 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 Bristol, 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. The median home price in Bristol is $252,200, with property tax bills ranging significantly. The 25th percentile tax bill is $1,276, while the 75th percentile tax bill reaches $2,469, and the 90th percentile tax bill is $3,487. Interestingly, the highest and lowest median tax bills are both $1,812 in the 04539 zip code. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Bristol Assessed Value
$252,200
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 Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04539 | $134,860 | $179,600 | $252,200 | $342,900 | $484,300 |
Source: Ownwell
Property Tax Bills Across Bristol, Maine
In Bristol, Lincoln County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $252,200, homeowners in Bristol can expect varying tax bills depending on their specific circumstances. The tax bill for the 25th percentile is around $1,276, while those in the 75th percentile might pay approximately $2,469. Homeowners at the 90th percentile could see tax bills as high as $3,487. The highest and lowest median tax bills in the area are both $1,812, reflecting a consistent tax rate across different properties. These property taxes fund essential local services, such as schools and public safety, directly impacting the quality of life for homeowners in Bristol.
Average Bristol Tax Bill
$1,812
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04539 | $968 | $1,276 | $1,812 | $2,469 | $3,487 |
Source: Ownwell