Damariscotta, Maine Property Taxes
The median property tax rate in Damariscotta, ME is 1.66%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Damariscotta at $222,000, the typical annual property tax bill reaches $3,696, exceeding the national median of $2,690. Property taxes in Damariscotta 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 Damariscotta'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 Damariscotta 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
Damariscotta, 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 Damariscotta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Damariscotta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Damariscotta 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 Damariscotta, Maine
Property taxes in Damariscotta, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Damariscotta is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Damariscotta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damariscotta 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 Damariscotta's effective property tax rate to other counties in Maine and the national median. For comparison, the 04543 zip code has both the highest and lowest median property tax rate of 1.66%. Understanding how these cities compare with Damariscotta 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 Damariscotta Tax Rate
1.66%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Damariscotta, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04543 | 1.66% | 1.66% | 1.66% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Damariscotta, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Damariscotta, ME. 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 Damariscotta, 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. For instance, the median home price in Damariscotta is $222,000, with tax bills ranging from $2,504 at the 25th percentile to $6,810 at the 90th percentile. The highest and lowest median tax bills are both $3,696 in the 04543 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Damariscotta Assessed Value
$222,000
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 Damariscotta, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04543 | $55,400 | $150,900 | $222,000 | $304,425 | $409,010 |
Source: Ownwell
Property Tax Bills Across Damariscotta, Maine
In Damariscotta, property tax bills are calculated based on the assessed value of the property. The local assessor determines this value, considering factors such as the property's market value, location, and physical characteristics. The tax rate, set by the local government, is then applied to the assessed value to determine the total tax bill. For example, with a median home price of $222,000 in Damariscotta, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $2,504, while the 75th percentile tax bill reaches $5,068. At the 90th percentile, the tax bill can be as high as $6,810. The highest and lowest median tax bills in the area are both $3,696, indicating a relatively uniform tax rate within the zip code 04543. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. Comparing the local tax rate to the national median of 0.99% can provide further context for budgeting and financial planning.
Average Damariscotta Tax Bill
$3,696
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Damariscotta, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04543 | $922 | $2,504 | $3,696 | $5,068 | $6,810 |
Source: Ownwell