Hermon, Maine Property Taxes
The median property tax rate in Hermon, ME is 1.19%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $207,900 in Hermon, the typical annual property tax bill amounts to $2,474, slightly below the national median of $2,690. Property taxes in Hermon are calculated based on the tax assessed value, which is usually lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hermon'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 Hermon or another part of Penobscot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hermon, 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 Hermon Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes using just two key pieces of information. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Hermon to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring an accurate calculation for property tax purposes.
Property Tax Rates Across Hermon, Maine
Property taxes in Hermon, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermon is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Hermon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermon 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 Hermon's effective property tax rate to other areas in Penobscot County and the national median. For comparison, the zip code 04401 has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Hermon 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 Hermon Tax Rate
1.19%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Hermon, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hermon, ME. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Hermon, 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 Hermon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $207,900, with tax bills ranging from $1,853 at the 25th percentile to $3,967 at the 90th percentile. The highest and lowest median tax bill in the area is $2,474 in zip code 04401.
Average Hermon Assessed Value
$207,900
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 Hermon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $94,440 | $155,725 | $207,900 | $268,600 | $333,260 |
Source: Ownwell
Property Tax Bills Across Hermon, Maine
In Hermon, located in Penobscot 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 town's assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the size of the property, location, and any improvements made to the home. For instance, the median home price in Hermon is $207,900, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,853, while those in the 75th percentile might see bills as high as $3,196. At the 90th percentile, tax bills can reach up to $3,967. Comparatively, the national median property tax rate is 0.99%, making Hermon's tax rates relatively moderate. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Hermon Tax Bill
$2,474
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $1,124 | $1,853 | $2,474 | $3,196 | $3,967 |
Source: Ownwell