Highland Plt, Maine Property Taxes
The median property tax rate in Highland Plt, ME is 0.47%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Highland Plt, the typical annual property tax bill is $420, significantly below the national median of $2,690. Property taxes in Highland Plt 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 Highland Plt'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 Highland Plt or another part of Somerset County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Highland Plt, 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 HIGHLAND PLT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HIGHLAND PLT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HIGHLAND PLT 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 Highland Plt, Maine
Property taxes in Highland Plt, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland Plt is 0.47%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Highland Plt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland Plt 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 Highland Plt's effective property tax rate to other counties in Maine and the national median. For comparison, the highest median property tax rate in Somerset County is 0.47% in the 04961 zip code, which is the same as the lowest median tax rate in the same zip code. Understanding how these cities compare with Highland Plt provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highland Plt Tax Rate
0.47%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Highland Plt, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Highland PLT. 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 Somerset 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 Highland PLT, 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. The median home price here is $88,830, and tax bills range from $282 at the 25th percentile to $704 at the 90th percentile. The zip code 04961 has the highest and lowest median tax bill, both at $420. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Highland Plt Assessed Value
$88,830
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highland Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | $51,208 | $59,673 | $88,830 | $122,986 | $148,785 |
Source: Ownwell
Property Tax Bills Across Highland Plt, Maine
In Highland Plt, Somerset County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this area see a median home price of $88,830. The tax bill is determined by multiplying the assessed value by the local tax rate, which is then adjusted for any applicable exemptions or deductions. For instance, homeowners at the 25th percentile can expect a tax bill around $282, while those at the 75th percentile may see bills closer to $582. The top 10% of property tax bills reach approximately $704. This variability in tax bills affects homeowners differently, depending on their property's assessed value and eligibility for exemptions. Compared to the national median property tax rate of 0.99%, Highland Plt offers a relatively moderate tax environment. This can be a significant factor for homeowners when considering the overall cost of living and financial planning. The highest and lowest median tax bills in the region are both recorded at $420, highlighting a consistent tax rate across different properties.
Average Highland Plt Tax Bill
$420
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | $242 | $282 | $420 | $582 | $704 |
Source: Ownwell