Lexington Twp, Maine Property Taxes
The median property tax rate in Lexington Twp, ME is 0.76%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Lexington Twp, the typical annual property tax bill reaches $1,110, which is significantly below the national median of $2,690. Property taxes in Lexington Twp are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lexington Twp'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 Lexington Twp 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
Lexington Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,105
Ownwell’s Lexington Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington Twp 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 Somerset County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lexington Twp, Maine
Property taxes in Lexington Township, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington Township is 0.76%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lexington Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington Township 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 Lexington Township's effective property tax rate to other counties in Maine and the national median. For comparison, the 04961 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Lexington Township 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 Lexington Twp Tax Rate
0.76%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Lexington Twp, Maine
In Lexington Twp, 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 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 Lexington Twp, 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 Lexington Twp 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 is 04961, with a median tax bill of $1,110, compared to the national median property tax rate of 0.99%.
Average Lexington Twp Assessed Value
$145,420
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 Lexington Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | $62,326 | $97,855 | $145,420 | $209,962 | $257,579 |
Source: Ownwell
Property Tax Bills Across Lexington Twp, Maine
In Lexington Township, Somerset 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 a percentage of the market value of the property. Homeowners in Lexington Township can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $746, while at the 75th percentile, it rises to $1627, and at the 90th percentile, it reaches $2178. The median home price in the area is $145,420, and the median property tax bill stands at $1110.00, which aligns with the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. Understanding how these elements contribute to the property tax calculation can help homeowners better anticipate their annual expenses and plan their finances accordingly.
Average Lexington Twp Tax Bill
$1,110
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04961 | $476 | $746 | $1,110 | $1,627 | $2,178 |
Source: Ownwell