Waldoboro, Maine Property Taxes
The median property tax rate in Waldoboro, ME is 1.40%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Waldoboro at $219,000, the typical annual property tax bill reaches $3,066, surpassing the national median of $2,690. Property taxes in Waldoboro 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 Waldoboro'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 Waldoboro 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
Waldoboro, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,066
Ownwell’s Waldoboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldoboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldoboro 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 Waldoboro, Maine
Property taxes in Waldoboro, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldoboro is 1.40%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Waldoboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldoboro 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 Waldoboro's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04572 has the highest median property tax rate of 1.40%, while the lowest median tax rate in the same zip code is also 1.40%. Understanding how these cities compare with Waldoboro 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 Waldoboro Tax Rate
1.40%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldoboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04572 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Waldoboro, Maine
In Waldoboro, 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 Waldoboro, 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 Waldoboro 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 $3,066, found in zip code 04572.
Average Waldoboro Assessed Value
$219,000
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 Waldoboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04572 | $84,300 | $154,750 | $219,000 | $313,000 | $440,000 |
Source: Ownwell
Property Tax Bills Across Waldoboro, Maine
In Waldoboro, located in Lincoln County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Waldoboro is $219,000. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $2,166 and the 75th percentile at $4,382, while the 90th percentile can reach as high as $6,170. The highest and lowest median tax bill in the area is $3,066, both found in the 04572 zip code. This variation is influenced by factors such as the home’s assessed value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Waldoboro's property taxes can be considerably higher, impacting homeowners by increasing their annual expenses. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Waldoboro Tax Bill
$3,066
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldoboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04572 | $1,180 | $2,166 | $3,066 | $4,382 | $6,170 |
Source: Ownwell