Round Pond, Maine Property Taxes
The median property tax rate in Round Pond, ME is 0.72%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $259,200 in Round Pond, the typical annual property tax bill comes to $1,866, well below the national median of $2,690. Property taxes in Round Pond are determined based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Round Pond'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 Round Pond or another part of Lincoln County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Round Pond, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,866
Ownwell’s Round Pond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Round Pond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Round Pond 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 Round Pond, Maine
Property taxes in Round Pond, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Round Pond is 0.72%, which is lower than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Round Pond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Round Pond 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 Round Pond's effective property tax rate to other counties in Maine and the national median. For comparison, the 04564 zip code has the highest median property tax rate of 0.72%, while the 04564 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Round Pond 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 Round Pond 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 Round Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04564 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Round Pond, Maine
In Round Pond, 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 Round Pond, 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 Round Pond is $259,200, with tax bills ranging from $1,366 at the 25th percentile to $4,207 at the 90th percentile. Interestingly, the zip code 04564 has both the highest and lowest median tax bill of $1,866. By understanding 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 Round Pond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Round Pond Assessed Value
$259,200
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 Round Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04564 | $158,260 | $189,800 | $259,200 | $347,950 | $584,300 |
Source: Ownwell
Property Tax Bills Across Round Pond, Maine
In Round Pond, 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 assessor who evaluates the property's worth, considering factors like location, size, condition, and recent sales of comparable homes. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $259,200, homeowners can expect varying tax bills depending on their specific property assessments. The 25th percentile tax bill is around $1,366, while the 75th percentile tax bill reaches approximately $2,506. Those in the 90th percentile may face tax bills as high as $4,207. These figures indicate that property taxes in Round Pond can significantly impact homeowners' finances, with some paying considerably more than others based on their property's assessed value. This variability underscores the importance of accurate property assessments and understanding local tax rates.
Average Round Pond Tax Bill
$1,866
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Round Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04564 | $1,139 | $1,366 | $1,866 | $2,506 | $4,207 |
Source: Ownwell