Tomhegan Twp, Maine Property Taxes
The median property tax rate in Tomhegan Township, 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 Tomhegan Township, the typical annual property tax bill reaches $2,209, which is below the national median of $2,690. Property taxes in Tomhegan Township 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 Tomhegan Township'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 Tomhegan Township 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
Tomhegan Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,201
Ownwell’s Tomhegan Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tomhegan Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tomhegan 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tomhegan Twp, Maine
Property taxes in Tomhegan 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 Tomhegan 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 Tomhegan Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tomhegan 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 Tomhegan Township's effective property tax rate to other counties in Maine and the national median. For comparison, the 04478 zip code has the highest median property tax rate of 0.76%, while the 04478 zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Tomhegan 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 Tomhegan 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 Tomhegan Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | 0.76% | 0.76% | 0.76% | 0.78% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Tomhegan Twp, Maine
In Tomhegan 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 Tomhegan 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. The median home price in Tomhegan Twp stands at $289,580, with annual tax bills ranging from $1,766 at the 25th percentile to $4,225 at the 90th percentile. The zip code 04478 holds both the highest and lowest median tax bill, standing at $2,209. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tomhegan Twp Assessed Value
$289,580
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 Tomhegan Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | $178,564 | $231,405 | $289,580 | $370,820 | $553,720 |
Source: Ownwell
Property Tax Bills Across Tomhegan Twp, Maine
In Tomhegan Township, Somerset County, ME, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate the property's worth. The tax rate is then applied to this assessed value to calculate the annual tax bill. The median home price in Tomhegan Township is $289,580, and homeowners can expect to pay property taxes within a range of $1,766 to $4,225, depending on their property's assessed value. Several factors influence the tax bill, including the property's location, size, and overall condition. Additionally, local government budgets and the need for public services like schools and infrastructure play a significant role in determining the tax rate. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, the rates in Tomhegan Township reflect the community's specific financial needs and property values.
Average Tomhegan Twp Tax Bill
$2,209
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Tomhegan Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | $1,380 | $1,766 | $2,209 | $2,908 | $4,225 |
Source: Ownwell