Lee, Maine Property Taxes
The median property tax rate in Lee, ME is 1.95%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Lee at $75,950, the typical annual property tax bill reaches $1,482, exceeding the national median of $2,690. Property taxes in Lee 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 Lee'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 Lee 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
Lee, 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 Lee Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lee with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lee to provide an accurate estimate of your property tax bill. This powerful tool helps you gain a clear understanding of your potential tax liabilities. For those interested in deeper insights, scroll down to discover more localized trends and information. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lee, Maine
Property taxes in Lee, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lee is 1.95%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lee 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 Lee's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04455 has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Lee 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 Lee Tax Rate
1.95%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lee, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04455 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lee, Maine
In Lee, 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 Lee, 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 Lee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lee is $75,950, with tax bills ranging from $883 at the 25th percentile to $3,076 at the 90th percentile. The highest and lowest median tax bills both stand at $1,482 in zip code 04455.
Average Lee Assessed Value
$75,950
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 Lee, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04455 | $26,400 | $45,175 | $75,950 | $118,225 | $157,440 |
Source: Ownwell
Property Tax Bills Across Lee, Maine
In Lee, 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 local assessor's office and reflects the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Lee, the tax burden can vary significantly. For instance, the 25th percentile tax bill is around $883, indicating that a quarter of the residents pay less than this amount. On the higher end, the 75th percentile tax bill is approximately $2312, and the 90th percentile reaches up to $3076. These figures show a broad range of property tax bills within the community. Comparatively, the median property tax rate in Lee is higher than the national median of 0.99%, which can impact homeowners by increasing their annual expenses. This variation in tax bills underscores the importance of understanding local property tax assessments and how they affect household budgets.
Average Lee Tax Bill
$1,482
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lee, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04455 | $520 | $883 | $1,482 | $2,312 | $3,076 |
Source: Ownwell