The Forks Plt, Maine Property Taxes
The median property tax rate in THE FORKS PLT, ME is 0.71%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in THE FORKS PLT at $70,610, the typical annual property tax bill amounts to $500, which is well below the national median of $2,690. Property taxes in THE FORKS PLT are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding THE FORKS PLT's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of THE FORKS PLT 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
The Forks 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 THE FORKS PLT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in THE FORKS PLT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in THE FORKS 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 The Forks Plt, Maine
Property taxes in THE FORKS PLT, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in THE FORKS PLT is 0.71%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within THE FORKS PLT set these rates annually, and they can vary significantly across different neighborhoods. Each year, THE FORKS 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 THE FORKS PLT's effective property tax rate to other counties in Maine and the national median. For comparison, the 04985 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with THE FORKS 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 The Forks Plt Tax Rate
0.71%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across The Forks Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04985 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across The Forks Plt, Maine
In THE FORKS PLT, 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 THE FORKS 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. Being aware of these valuation processes in THE FORKS PLT 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 bill is 04985, both at $500.
Average The Forks Plt Assessed Value
$70,610
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 The Forks Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04985 | $32,202 | $46,605 | $70,610 | $335,055 | $493,722 |
Source: Ownwell
Property Tax Bills Across The Forks Plt, Maine
In The Forks PLT, Somerset County, ME, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in this area is $70,610. Property tax calculations consider various factors, including the property's assessed value and applicable exemptions. For instance, the 25th percentile tax bill is $330, while the 75th percentile reaches $2,372, and the 90th percentile can be as high as $3,495. These figures highlight the variability in tax bills depending on property values and exemptions. With the highest median tax bill recorded at $500 in the 04985 zip code, homeowners in The Forks PLT face property tax rates that significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, these rates reflect the local economic landscape and housing market, influencing how much homeowners ultimately pay.
Average The Forks Plt Tax Bill
$500
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across The Forks Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04985 | $228 | $330 | $500 | $2,372 | $3,495 |
Source: Ownwell