Lambert Lake, Maine Property Taxes
The median property tax rate in Lambert Lake, ME is 0.85%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $69,195 in Lambert Lake, the typical annual property tax bill is $588, significantly below the national median of $2,690. Property taxes in Lambert Lake are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lambert Lake'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 Lambert Lake 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
Lambert Lake, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$588
Ownwell’s Lambert Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lambert Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lambert Lake 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 Lambert Lake, Maine
Property taxes in Lambert Lake, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lambert Lake is 1.09%, higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Lambert Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambert Lake 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 Lambert Lake's effective property tax rate to other counties in Maine and the national median. For comparison, the 04454 zip code has the highest median property tax rate of 1.09%, while the 04454 zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Lambert Lake provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lambert Lake Tax Rate
0.85%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambert Lake, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04454 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Lambert Lake, Maine
In Lambert Lake, 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 Washington 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 Lambert Lake, 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 Lambert Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $588, found in the 04454 zip code.
Average Lambert Lake Assessed Value
$69,195
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lambert Lake, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04454 | $17,243 | $30,418 | $69,195 | $156,488 | $243,489 |
Source: Ownwell
Property Tax Bills Across Lambert Lake, Maine
In Lambert Lake, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Washington County. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Lambert Lake can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $259 and the 75th percentile reaching $1,330. The highest median tax bill in the area is $588, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and market conditions. These taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how their property tax is calculated can help them budget effectively and potentially seek exemptions or appeals if they believe their property is over-assessed. This knowledge is crucial for managing long-term financial planning and ensuring fair taxation.
Average Lambert Lake Tax Bill
$588
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambert Lake, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04454 | $146 | $259 | $588 | $1,330 | $2,069 |
Source: Ownwell