Orono, Maine Property Taxes
The median property tax rate in Orono, ME is 2.34%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Orono at $188,100, the typical annual property tax bill reaches $4,405, exceeding the national median of $2,690. Property taxes in Orono 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 Orono'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 Orono 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
Orono, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$4,402
Ownwell’s Orono Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orono with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orono 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 Orono, Maine
Property taxes in Orono, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orono is 2.34%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Orono set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orono 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 Orono's effective property tax rate to other counties in Maine and the national median. For comparison, the 04473 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Orono 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 Orono Tax Rate
2.34%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orono, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04473 | 2.34% | 2.34% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Orono, Maine
In Orono, 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 Orono, 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 Orono helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Orono is 04473, with a median tax bill of $4,405.
Average Orono Assessed Value
$188,100
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 Orono, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04473 | $87,590 | $145,750 | $188,100 | $248,325 | $319,890 |
Source: Ownwell
Property Tax Bills Across Orono, Maine
In Orono, 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. Homeowners in Orono face a median home price of $188,100. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the tax bill for the 25th percentile is $3,420, while it rises to $5,813 for the 75th percentile and $7,498 for the 90th percentile. The highest and lowest median tax bills in Orono are both recorded at $4,405, indicating a consistent tax rate across different properties. Homeowners in Orono experience a property tax rate that surpasses the national median of 0.99%, which can significantly impact their annual expenses. Understanding these factors helps homeowners budget effectively and anticipate their financial obligations.
Average Orono Tax Bill
$4,405
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Orono, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04473 | $2,131 | $3,420 | $4,405 | $5,813 | $7,498 |
Source: Ownwell