East Boothbay, Maine Property Taxes
The median property tax rate in East Boothbay, ME is 1.01%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in East Boothbay at $333,396, the typical annual property tax bill reaches $3,358, surpassing the national median of $2,690. Property taxes in East Boothbay are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding East 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 East Boothbay 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
East 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 East Boothbay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Boothbay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East 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 East Boothbay, Maine
Property taxes in East Boothbay, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Boothbay is 1.01%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within East Boothbay set these rates annually, and they can vary significantly across different neighborhoods. Each year, East 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 East Boothbay's effective property tax rate to other areas in Maine and the national median. For comparison, the 04544 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with East 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 East 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 East Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04544 | 1.00% | 1.00% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across East Boothbay, Maine
In East 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 East 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. 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 East Boothbay 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 $3,358, found in zip code 04544.
Average East Boothbay Assessed Value
$333,396
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 East Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04544 | $166,320 | $229,270 | $333,396 | $548,664 | $836,246 |
Source: Ownwell
Property Tax Bills Across East Boothbay, Maine
In East Boothbay, Lincoln County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate. For homeowners in East Boothbay, the median home price is $333,396. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,320 and the 75th percentile reaching $5,543. At the 90th percentile, homeowners might see tax bills as high as $8,415. These tax bills are influenced by several factors, including the market value of the property, any applicable exemptions, and the specific tax rate set by the local government. Compared to the national median property tax rate of 0.99%, East Boothbay's rates can represent a significant financial consideration for homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and budget accordingly.
Average East Boothbay Tax Bill
$3,358
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across East Boothbay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04544 | $1,694 | $2,320 | $3,358 | $5,543 | $8,415 |
Source: Ownwell