Searsport, Maine Property Taxes
The median property tax rate in Searsport, ME is 1.93%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Searsport at $138,200, the typical annual property tax bill reaches $2,667, nearly matching the national median of $2,690. Property taxes in Searsport are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Searsport'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 Searsport 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
Searsport, 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 Searsport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Searsport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Searsport 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 Searsport, Maine
Property taxes in Searsport, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Searsport is 1.93%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Searsport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Searsport 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 Searsport's effective property tax rate to other counties in Maine and the national median. For comparison, the 04974 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Searsport 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 Searsport Tax Rate
1.93%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Searsport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04974 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Searsport, Maine
In Searsport, 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 Searsport, 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. The median home price in Searsport is $138,200, with tax bills ranging from the 25th percentile at $1,526 to the 90th percentile at $5,179. The zip code 04974 has both the highest and lowest median tax bill at $2,667. Being aware of these valuation processes in Searsport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Searsport Assessed Value
$138,200
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 Searsport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04974 | $39,440 | $79,100 | $138,200 | $196,900 | $268,360 |
Source: Ownwell
Property Tax Bills Across Searsport, Maine
In Searsport, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value and then apply an assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Searsport face varying property tax bills. For instance, the median home price is $138,200, and the tax bill can range significantly. At the 25th percentile, homeowners might pay around $1,526, while those at the 75th percentile could see bills as high as $3,800. The highest median tax bill reported in the area is $2,667, which is notably higher than the national median property tax rate of 0.99%. These taxes fund essential local services, impacting homeowners by contributing to community resources like schools and public safety.
Average Searsport Tax Bill
$2,667
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Searsport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04974 | $761 | $1,526 | $2,667 | $3,800 | $5,179 |
Source: Ownwell