Belmont, Maine Property Taxes
The median property tax rate in Belmont, ME is 1.74%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Belmont being $146,892, the typical annual property tax bill reaches $2,556, slightly below the national median of $2,690. Property taxes in Belmont 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 Belmont'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 Belmont 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
Belmont, 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 Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, Maine
Property taxes in Belmont, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other areas and the national median. For comparison, the zip code 04952 has the same median property tax rate of 1.74%. Understanding how these areas compare with Belmont 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 Belmont Tax Rate
1.74%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04952 | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Maine
In Belmont, 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 local 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 Belmont, 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04952 has both the highest and lowest median tax bills, each amounting to $2,556.
Average Belmont Assessed Value
$146,892
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 Belmont, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04952 | $34,866 | $72,973 | $146,892 | $211,287 | $264,780 |
Source: Ownwell
Property Tax Bills Across Belmont, Maine
In Belmont, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Belmont, located in Waldo County, can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,270, while at the 75th percentile, it reaches $3,677. The top 10% of property tax bills can be as high as $4,607. Several factors influence the tax bill, including the property's location, size, and any improvements made. These taxes fund essential services like schools, road maintenance, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Belmont's tax rates can be considered moderate to high, reflecting the community's commitment to maintaining robust public services. Homeowners should be aware of these factors when budgeting for their annual expenses.
Average Belmont Tax Bill
$2,556
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04952 | $605 | $1,270 | $2,556 | $3,677 | $4,607 |
Source: Ownwell