Hampden, Maine Property Taxes
The median property tax rate in Hampden, ME is 2.07%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Hampden, the typical annual property tax bill reaches $3,605, exceeding the national median of $2,690. Property taxes in Hampden 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 Hampden'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 Hampden 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
Hampden, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$3,607
Ownwell’s Hampden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampden 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 Hampden, Maine
Property taxes in Hampden, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampden is 1.52%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Hampden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampden 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 Hampden's effective property tax rate to other counties in Maine and the national median. For comparison, the 04444 zip code has both the highest and lowest median property tax rate of 1.52%. Understanding how these areas compare with Hampden 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 Hampden Tax Rate
2.07%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampden, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04444 | 2.07% | 2.07% | 2.07% | 2.07% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Hampden, Maine
In Hampden, 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. In Hampden, 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. For example, the median home price in Hampden is $174,250, with tax bills ranging from $2,634 at the 25th percentile to $6,819 at the 90th percentile. The highest and lowest median tax bill is $3,605, both found in zip code 04444. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampden Assessed Value
$174,250
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 Hampden, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04444 | $93,870 | $127,400 | $174,250 | $245,425 | $330,170 |
Source: Ownwell
Property Tax Bills Across Hampden, Maine
In Hampden, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. For instance, with a median home price of $174,250, the assessed value is a significant factor in determining the tax bill. The local tax rate is then applied to this assessed value to calculate the annual tax bill. In Hampden, the tax bills can vary widely, with the 25th percentile at $2,634 and the 75th percentile reaching $5,076. At the 90th percentile, homeowners might see tax bills as high as $6,819. These property taxes directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Hampden's property taxes reflect the local government's revenue needs and the services provided to residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Hampden Tax Bill
$3,605
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampden, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04444 | $1,943 | $2,634 | $3,605 | $5,076 | $6,819 |
Source: Ownwell