Norridgewock, Maine Property Taxes
The median property tax rate in Norridgewock, ME is 1.17%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $100,500, the typical annual property tax bill in Norridgewock is $1,172, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Norridgewock's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in Norridgewock or another part of Somerset County, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norridgewock, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,176
Ownwell’s Norridgewock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norridgewock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norridgewock 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 Norridgewock, Maine
Property taxes in Norridgewock, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norridgewock is 1.17%, higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Norridgewock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norridgewock 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 Norridgewock's effective property tax rate to other regions in Maine and the national median. For comparison, the 04957 zip code has the highest median property tax rate of 1.17%, while the 04957 zip code also has the lowest median tax rate of 1.17%. Understanding how these areas compare with Norridgewock 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 Norridgewock Tax Rate
1.17%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norridgewock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | 1.16% | 1.16% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Norridgewock, Maine
In Norridgewock, 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 Norridgewock, 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. The median home price in Norridgewock is $100,500, with tax bills ranging from $693 at the 25th percentile to $2,157 at the 90th percentile. The highest and lowest median tax bills both stand at $1,172 in the 04957 zip code. 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 Norridgewock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norridgewock Assessed Value
$100,500
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 Norridgewock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | $28,220 | $59,000 | $100,500 | $144,100 | $183,280 |
Source: Ownwell
Property Tax Bills Across Norridgewock, Maine
In Norridgewock, Somerset County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Norridgewock is $100,500. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies within the county. Homeowners in Norridgewock experience a range of property tax bills. For instance, those in the 25th percentile pay around $693 annually, while those in the 75th percentile face bills closer to $1,686. The 90th percentile sees even higher tax bills, averaging $2,157. These tax bills impact homeowners by influencing overall housing affordability and potentially affecting their ability to invest in home improvements or other financial commitments. With the national median property tax rate at 0.99%, Norridgewock's property taxes can be seen as a significant factor in the financial planning of its residents. The highest median tax bill recorded in the area is $1,172, reflecting the variability in property tax obligations within the community.
Average Norridgewock Tax Bill
$1,172
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Norridgewock, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | $329 | $693 | $1,172 | $1,686 | $2,157 |
Source: Ownwell