Lubec, Maine Property Taxes
The median property tax rate in Lubec, ME is 2.42%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Lubec at $77,648, the typical annual property tax bill reaches $1,880, which is below the national median of $2,690. Property taxes in Lubec 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 Lubec'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 Lubec 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
Lubec, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$1,879
Ownwell’s Lubec Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lubec with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lubec 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 Lubec, Maine
Property taxes in Lubec, Maine, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lubec is 2.42%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lubec set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lubec 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 Lubec's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04652 has both the highest and lowest median property tax rate of 2.42%. Understanding how these areas compare with Lubec 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 Lubec Tax Rate
2.42%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lubec, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Lubec, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lubec, ME. 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 Lubec, 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 Lubec is $77,648, with tax bills ranging from $1,296 at the 25th percentile to $4,370 at the 90th percentile. The zip code 04652 has the highest and lowest median tax bill at $1,880. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lubec Assessed Value
$77,648
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 Lubec, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | $30,242 | $53,522 | $77,648 | $120,206 | $180,479 |
Source: Ownwell
Property Tax Bills Across Lubec, Maine
In Lubec, Washington County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners in Lubec, the median home price is $77,648. The property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,296, while at the 75th percentile, it rises to $2,910. At the 90th percentile, homeowners might see a tax bill as high as $4,370. Compared to the national median property tax rate of 0.99%, Lubec's property taxes reflect the unique local economic factors and property values. This variation in tax bills can significantly impact homeowners' finances, influencing decisions on property investments and long-term financial planning.
Average Lubec Tax Bill
$1,880
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lubec, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | $732 | $1,296 | $1,880 | $2,910 | $4,370 |
Source: Ownwell