Belfast, Maine Property Taxes
The median property tax rate in Belfast, ME is 2.14%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Belfast at $179,450, the typical annual property tax bill reaches $3,848, exceeding the national median of $2,690. Property taxes in Belfast 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 Belfast'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 Belfast 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
Belfast, 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 Belfast Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belfast with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belfast 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 Belfast, Maine
Property taxes in Belfast, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belfast is 2.14%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Belfast set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belfast 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 Belfast's effective property tax rate to other counties in Maine and the national median. For comparison, the 04915 zip code has the highest median property tax rate of 2.14%, while the same 04915 zip code also has the lowest median tax rate of 2.14%. Understanding how these cities compare with Belfast provides valuable insights into the varying tax landscape across Waldo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belfast Tax Rate
2.14%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belfast, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | 2.14% | 2.14% | 2.14% | 2.14% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Belfast, Maine
In Belfast, 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 Waldo 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. Assessment notices in Belfast 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. For instance, the median home price in Belfast is $179,450. The highest and lowest median tax bills are both $3,848 in the 04915 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belfast Assessed Value
$179,450
Average Waldo County Assessed Value
$154,000
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belfast, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | $46,920 | $115,100 | $179,450 | $267,850 | $377,920 |
Source: Ownwell
Property Tax Bills Across Belfast, Maine
In Belfast, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $179,450, homeowners in Belfast can expect their property tax bills to vary significantly. Factors that influence the tax bill include the property's location, size, and any improvements made. The tax bill can range from the 25th percentile at $2,475 to the 75th percentile at $5,734, with some homeowners paying as much as $8,076 at the 90th percentile. The highest and lowest median tax bills in Belfast both stand at $3,848, indicating a consistent rate across different areas within the city. These property taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the quality of life for Belfast residents.
Average Belfast Tax Bill
$3,848
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Belfast, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | $1,080 | $2,475 | $3,848 | $5,734 | $8,076 |
Source: Ownwell