Islesboro, Maine Property Taxes
The median property tax rate in Islesboro, ME is 1.10%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $308,900 in Islesboro, the typical annual property tax bill amounts to $3,398, surpassing the national median of $2,690. Property taxes in Islesboro 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 Islesboro'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 Islesboro 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
Islesboro, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$3,398
Ownwell’s Islesboro Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Islesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Islesboro to provide an estimate of your property tax bill. This valuable 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 Islesboro, Maine
Property taxes in Islesboro, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Islesboro is 1.10%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Islesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Islesboro 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 Islesboro's effective property tax rate to other counties in Maine and the national median. For comparison, the 04848 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Islesboro 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 Islesboro Tax Rate
1.10%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Islesboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04848 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Islesboro, Maine
In Islesboro, 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 Islesboro, 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 Islesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04848 has the highest and lowest median tax bill at $3,398, making it essential for homeowners to stay informed about their property’s assessed value.
Average Islesboro Assessed Value
$308,900
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 Islesboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04848 | $155,800 | $219,900 | $308,900 | $434,300 | $792,800 |
Source: Ownwell
Property Tax Bills Across Islesboro, Maine
In Islesboro, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Once the assessed value is established, it is multiplied by the local tax rate to calculate the property tax bill. The median home price in Islesboro is $308,900, and the property tax rate is higher than the national median of 0.99%, leading to substantial tax bills for homeowners. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $2,419, while at the 75th percentile, it reaches $4,777. At the 90th percentile, the tax bill can soar to $8,721. These taxes provide essential funding for local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Islesboro Tax Bill
$3,398
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Islesboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04848 | $1,714 | $2,419 | $3,398 | $4,777 | $8,721 |
Source: Ownwell