Corinth, Maine Property Taxes
The median property tax rate in Corinth, ME is 1.70%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Corinth, the typical annual property tax bill reaches $1,728, which is lower than the national median of $2,690. Property taxes in Corinth 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 Corinth'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 Corinth 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
Corinth, 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 Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Maine
Property taxes in Corinth, Maine, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Corinth is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other areas in Penobscot County and the national median. For comparison, Corinth has the highest median property tax rate of 1.70%, while the lowest median tax rate within the same region is also 1.70%. Understanding how these cities compare with Corinth provides valuable insights into the varying tax landscape across Penobscot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
1.70%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04427 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Maine
In Corinth, 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 Penobscot 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. Assessment notices in Corinth 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 Corinth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04427, with a value of $1,728, which is significantly higher than the national median property tax rate of 0.99%.
Average Corinth Assessed Value
$101,650
Average Penobscot County Assessed Value
$141,580
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04427 | $20,200 | $54,025 | $101,650 | $138,175 | $179,520 |
Source: Ownwell
Property Tax Bills Across Corinth, Maine
In Corinth, located in Penobscot County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Corinth is $101,650. This assessed value is multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Corinth, the property tax bill can vary significantly. At the 25th percentile, the tax bill is $918, while at the 75th percentile, it rises to $2,349. The 90th percentile tax bill reaches up to $3,052. Comparatively, the national median property tax rate is 0.99%, making Corinth's property taxes relatively moderate. Understanding these factors is crucial for homeowners as property taxes can impact overall housing affordability. Higher assessed values or tax rates can lead to increased financial burdens, while lower values or rates can make home ownership more accessible.
Average Corinth Tax Bill
$1,728
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04427 | $343 | $918 | $1,728 | $2,349 | $3,052 |
Source: Ownwell