Palmyra, Maine Property Taxes
The median property tax rate in Palmyra, Maine is 1.70%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Palmyra, the typical annual property tax bill reaches $1,446, exceeding the national median of $2,690. Property taxes in Palmyra 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 Palmyra'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 Palmyra 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
Palmyra, 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 Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Maine
Property taxes in Palmyra, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 1.70%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other counties in Maine and the national median. For comparison, the 04965 zip code has the highest median property tax rate of 1.70%, while the same 04965 zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Palmyra 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 Palmyra Tax Rate
1.70%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04965 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Maine
In Palmyra, 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Palmyra is $1,446 in the 04965 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average Palmyra Assessed Value
$85,050
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 Palmyra, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04965 | $27,200 | $53,600 | $85,050 | $118,000 | $167,250 |
Source: Ownwell
Property Tax Bills Across Palmyra, Maine
In Palmyra, located in Somerset County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For Palmyra, the median home price is $85,050, and the property tax rate is applied to this value. Homeowners in this area can expect tax bills that vary significantly. For example, the 25th percentile tax bill is $911, while the 75th percentile tax bill is $2006, and the 90th percentile tax bill reaches $2844. These property taxes directly impact homeowners by influencing their annual expenses. Compared to the national median property tax rate of 0.99%, Palmyra’s property tax bills reflect the local economic conditions and property values, which can vary widely even within the same county. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets more effectively.
Average Palmyra Tax Bill
$1,446
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04965 | $463 | $911 | $1,446 | $2,006 | $2,844 |
Source: Ownwell