Princeton, Maine Property Taxes
The median property tax rate in Princeton, ME is 1.80%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Princeton, the typical annual property tax bill reaches $1,740, which is lower than the national median of $2,690. Property taxes in Princeton 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 Princeton'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 Princeton or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, 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 Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Maine
Property taxes in Princeton, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other areas in Washington County and the national median. For comparison, the zip code 04668 has both the highest and lowest median property tax rate of 1.80%. Understanding how these areas compare with Princeton 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 Princeton Tax Rate
1.80%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | 1.79% | 1.79% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Maine
In Princeton, 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Princeton's zip code 04668 is $1,740, which is significantly lower than the national median property tax rate of 0.99%.
Average Princeton Assessed Value
$97,350
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 Princeton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | $40,175 | $63,238 | $97,350 | $149,388 | $194,568 |
Source: Ownwell
Property Tax Bills Across Princeton, Maine
Property tax bills in Princeton, located in Washington County, ME, are calculated based on the assessed value of a property. This value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio. The tax rate, also known as the mill rate, is then applied to the assessed value to determine the tax bill. Homeowners in Princeton can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $1,133, while the 75th percentile tax bill reaches approximately $2,682. The 90th percentile tax bill can be as high as $3,493. These figures illustrate the range of tax burdens homeowners might face. The median home price in Princeton is $97,350, which is relatively modest compared to national figures. However, the property tax rate in this region can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors are considered in the assessment process.
Average Princeton Tax Bill
$1,740
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04668 | $721 | $1,133 | $1,740 | $2,682 | $3,493 |
Source: Ownwell