Knox, Maine Property Taxes
The median property tax rate in Knox, ME is 1.83%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Knox at $104,850, the typical annual property tax bill reaches $1,914, exceeding the national median of $2,690. Property taxes in Knox 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 Knox'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 Knox 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
Knox, 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 KNOX Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in KNOX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in KNOX 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 Knox, Maine
Property taxes in Knox, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Knox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox 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 Knox's effective property tax rate to other counties in Maine and the national median. For comparison, the 04986 zip code has both the highest and lowest median property tax rate of 1.83%. Understanding how these areas compare with Knox 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 Knox Tax Rate
1.83%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | 1.82% | 1.82% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Knox, Maine
In Knox, 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 local authorities 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 Knox, 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 Knox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Knox, the zip code with the highest median tax bill is 04986, with a median tax bill of $1,914. Similarly, the zip code with the lowest median tax bill is also 04986, with the same median tax bill of $1,914. With a median home price of $104,850, it’s essential to stay informed about these values to ensure you're managing your property tax effectively.
Average Knox Assessed Value
$104,850
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 Knox, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | $40,790 | $68,225 | $104,850 | $143,675 | $187,040 |
Source: Ownwell
Property Tax Bills Across Knox, Maine
In Knox, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the estimated market value of the property. This value is then multiplied by the tax rate set by local government authorities to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements or renovations made. For homeowners in Knox, the property tax bill can vary significantly. For instance, homeowners at the 25th percentile pay around $1,245, while those at the 75th percentile see bills closer to $2,622. At the 90th percentile, the tax bill can reach up to $3,414. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Knox to understand how local assessments and tax rates impact their financial planning and property investment decisions.
Average Knox Tax Bill
$1,914
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | $744 | $1,245 | $1,914 | $2,622 | $3,414 |
Source: Ownwell