Brooks, Maine Property Taxes
The median property tax rate in Brooks, ME 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 Brooks, the typical annual property tax bill reaches $2,123, exceeding the national median of $2,690. Property taxes in Brooks 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 Brooks'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 Brooks 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
Brooks, 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 Brooks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooks 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 Brooks, Maine
Property taxes in Brooks, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooks is 1.70%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Brooks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooks 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 Brooks's effective property tax rate to other counties in Maine and the national median. For comparison, the 04921 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Brooks 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 Brooks Tax Rate
1.70%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooks, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04921 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Brooks, Maine
In Brooks, 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. In Brooks, 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 Brooks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Brooks, the zip code with the highest median tax bill is 04921, with a median tax bill of $2,123. Conversely, the zip code with the lowest median tax bill is also 04921, with the same median tax bill of $2,123.
Average Brooks Assessed Value
$124,900
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 Brooks, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04921 | $43,400 | $78,200 | $124,900 | $168,800 | $234,240 |
Source: Ownwell
Property Tax Bills Across Brooks, Maine
Property tax bills in Brooks, located in Waldo County, ME, are determined by multiplying the assessed value of a property by the local tax rate. This assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and home condition. For instance, with a median home price of $124,900, homeowners can expect varying tax bills based on their property's assessed value and the specific tax rate applied by local authorities. Homeowners in Brooks see a range of property tax bills. At the 25th percentile, tax bills are around $1,329, while those at the 75th percentile are approximately $2,870. For the highest 10% of properties, tax bills can reach up to $3,982. These figures reflect how property taxes can significantly impact household budgets, particularly when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Brooks Tax Bill
$2,123
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooks, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04921 | $738 | $1,329 | $2,123 | $2,870 | $3,982 |
Source: Ownwell