Bowerbank, Maine Property Taxes
The median property tax rate in Bowerbank, ME is 0.56%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Bowerbank at $235,980, the typical annual property tax bill reaches $1,310, well below the national median of $2,690. Property taxes in Bowerbank 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 Bowerbank'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 Bowerbank or another part of Piscataquis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bowerbank, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,321
Ownwell’s Bowerbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bowerbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowerbank 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 Bowerbank, Maine
Property taxes in Bowerbank, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowerbank is 1.49%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Bowerbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowerbank 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 Bowerbank's effective property tax rate to other counties in Maine and the national median. For comparison, the 04426 zip code has the highest median property tax rate of 1.49%, while the 04426 zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Bowerbank provides valuable insights into the varying tax landscape across Piscataquis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowerbank Tax Rate
0.56%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowerbank, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04426 | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Bowerbank, Maine
In Bowerbank, 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 Piscataquis 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 Bowerbank, 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 Bowerbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $235,980, with the highest and lowest median tax bills both recorded at $1,310 in the 04426 zip code.
Average Bowerbank Assessed Value
$235,980
Average Piscataquis County Assessed Value
$100,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowerbank, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04426 | $90,040 | $128,590 | $235,980 | $338,930 | $396,334 |
Source: Ownwell
Property Tax Bills Across Bowerbank, Maine
In Bowerbank, Piscataquis County, 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 town's assessor, who evaluates the property's market value and applies an assessment ratio. This ratio ensures that properties are taxed fairly relative to their market value. Homeowners in Bowerbank can expect their tax bills to vary significantly, with the 25th percentile tax bill at $714 and the 75th percentile reaching $1,881. The 90th percentile tax bill can go up to $2,199. These tax bills are influenced by factors such as property size, location, and any improvements made to the property. The median home price in Bowerbank is $235,980, and with the national median property tax rate at 0.99%, homeowners in Bowerbank may find their tax rates competitive but still impactful on their annual budget. Understanding how these factors interplay helps homeowners anticipate their tax liabilities and plan accordingly.
Average Bowerbank Tax Bill
$1,310
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowerbank, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04426 | $500 | $714 | $1,310 | $1,881 | $2,199 |
Source: Ownwell