West Boothbay Harbor, Maine Property Taxes
The median property tax rate in West Boothbay Harbor, ME is 0.90%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in West Boothbay Harbor at $634,400, the typical annual property tax bill reaches $5,678, significantly higher than the national median of $2,690. Property taxes in West Boothbay Harbor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding West Boothbay Harbor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of West Boothbay Harbor 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
West Boothbay Harbor, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$5,710
Ownwell’s West Boothbay Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Boothbay Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Boothbay Harbor 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 Lincoln County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across West Boothbay Harbor, Maine
Property taxes in West Boothbay Harbor, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Boothbay Harbor is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within West Boothbay Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Boothbay Harbor 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 West Boothbay Harbor's effective property tax rate to other counties in Maine and the national median. For comparison, the 04575 zip code has the highest median property tax rate of 0.90%, while the same 04575 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with West Boothbay Harbor 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 West Boothbay Harbor Tax Rate
0.90%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04575 | 0.89% | 0.89% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across West Boothbay Harbor, Maine
In West Boothbay Harbor, 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 West Boothbay Harbor, 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 West Boothbay Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04575 has both the highest and lowest median tax bill at $5678.
Property Tax Assessment Values Across West Boothbay Harbor, Maine
Source: Ownwell
$54,380
$344,390
$634,400
Average West Boothbay Harbor Assessed Value
$634,400
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 West Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04575 | $403,100 | $496,575 | $634,400 | $787,025 | $1,275,550 |
Source: Ownwell
Property Tax Bills Across West Boothbay Harbor, Maine
In West Boothbay Harbor, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors and represents the market value of the property. Homeowners in Lincoln County can expect their tax bills to vary significantly depending on the value of their homes. For instance, the 25th percentile tax bill is around $4,444, while the 75th percentile tax bill is approximately $7,044. For those at the higher end of the spectrum, the 90th percentile tax bill reaches up to $11,416. These tax bills are influenced by various factors, including property size, location, and any improvements made. Compared to the national median property tax rate of 0.99%, West Boothbay Harbor's rates can be relatively high, reflecting the area's higher median home price of $634,400. This can have a considerable impact on homeowners, as higher property taxes can affect overall affordability and monthly housing costs. Understanding these factors is crucial for homeowners looking to manage their financial obligations effectively.
Average West Boothbay Harbor Tax Bill
$5,678
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across West Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04575 | $3,608 | $4,444 | $5,678 | $7,044 | $11,416 |
Source: Ownwell