Palermo, Maine Property Taxes
The median property tax rate in Palermo, ME is 1.04%, slightly above the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $242,100 in Palermo, the typical annual property tax bill amounts to $2,519, which is below the national median of $2,690. Property taxes in Palermo are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Palermo’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 Palermo or another part of Waldo County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palermo, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,518
Ownwell’s Palermo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palermo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palermo 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 Palermo, Maine
Property taxes in Palermo, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palermo is 1.04%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Palermo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palermo 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 Palermo's effective property tax rate to other counties in Maine and the national median. For comparison, the 04354 zip code has the highest median property tax rate of 1.04%, while the 04354 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Palermo 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 Palermo Tax Rate
1.04%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Palermo, Maine
In Palermo, 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 Palermo, 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. The highest median tax bill in Palermo is $2,519, found in the 04354 zip code, which is also the lowest median tax bill, making it a uniform rate across the area. 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 Palermo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palermo Assessed Value
$242,100
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 Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | $112,580 | $176,200 | $242,100 | $328,300 | $439,300 |
Source: Ownwell
Property Tax Bills Across Palermo, Maine
In Palermo, 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 tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, age, condition, and location. For homeowners in Palermo, the median home price is $242,100. Tax bills can vary significantly, with the 25th percentile at $1,832 and the 75th percentile at $3,414. The 90th percentile reaches up to $4,569, highlighting the range of possible tax obligations. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Palermo, ME, should be aware of their property's assessed value and the local tax rate to understand their financial responsibilities better and how these taxes support their community.
Average Palermo Tax Bill
$2,519
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | $1,171 | $1,832 | $2,519 | $3,414 | $4,569 |
Source: Ownwell