Woolwich, Maine Property Taxes
The median property tax rate in Woolwich, ME is 1.54%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Woolwich, the typical annual property tax bill reaches $2,935, exceeding the national median of $2,690. Property taxes in Woolwich 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 Woolwich'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 Woolwich 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
Woolwich, 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 Woolwich Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woolwich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woolwich 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 Woolwich, Maine
Property taxes in Woolwich, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woolwich is 1.54%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Woolwich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woolwich 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 Woolwich's effective property tax rate to other counties in Maine and the national median. For comparison, the 04579 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Woolwich provides valuable insights into the varying tax landscape across Sagadahoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woolwich Tax Rate
1.54%
Average Sagadahoc County Tax Rate
1.54%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woolwich, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04579 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Woolwich, Maine
In Woolwich, 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 Sagadahoc 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 Woolwich, 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. Woolwich's highest and lowest median tax bills are both $2,935, found in the 04579 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Woolwich Assessed Value
$190,600
Average Sagadahoc County Assessed Value
$236,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woolwich, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04579 | $90,800 | $134,200 | $190,600 | $257,600 | $371,600 |
Source: Ownwell
Property Tax Bills Across Woolwich, Maine
In Woolwich, located in Sagadahoc County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Woolwich, the median home price stands at $190,600. Factors such as property size, location, and market conditions are considered when determining a property's assessed value. The tax bill can vary significantly; for example, the 25th percentile tax bill is $2,067, while the 75th percentile tax bill reaches $3,967. At the 90th percentile, homeowners might see tax bills as high as $5,723. This variability in tax bills affects homeowners differently, impacting monthly budgets and long-term financial planning. Woolwich’s property tax rate is relatively high compared to the national median property tax rate of 0.99%, leading to higher overall tax bills for its residents.
Average Woolwich Tax Bill
$2,935
Average Sagadahoc County Tax Bill
$3,525
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Woolwich, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04579 | $1,398 | $2,067 | $2,935 | $3,967 | $5,723 |
Source: Ownwell