Limerick, Maine Property Taxes
The median property tax rate in Limerick, ME is 1.52%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Limerick, the typical annual property tax bill reaches $3,013, exceeding the national median of $2,690. Property taxes in Limerick 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 Limerick'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 Limerick 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
Limerick, 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 Limerick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Limerick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Limerick 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 Limerick, Maine
Property taxes in Limerick, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Limerick is 1.52%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Limerick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Limerick 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 Limerick's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04048 has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Limerick provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Limerick Tax Rate
1.52%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04048 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Limerick, Maine
In Limerick, 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 York 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 Limerick, 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 Limerick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04048, with a median tax bill of $3,013.
Average Limerick Assessed Value
$197,644
Average York County Assessed Value
$307,400
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04048 | $93,126 | $152,046 | $197,644 | $261,982 | $337,545 |
Source: Ownwell
Property Tax Bills Across Limerick, Maine
In Limerick, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. In York County, where Limerick is located, the property tax rate is compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements made to the property. For example, the median home price in Limerick is $197,644, which can result in varying tax bills. The 25th percentile tax bill is $2,314, while the 75th percentile tax bill is $3,988, and the 90th percentile tax bill can go up to $5,133. This wide range shows how different factors can significantly affect the amount homeowners are required to pay. Understanding these elements can help homeowners better anticipate their property tax obligations.
Average Limerick Tax Bill
$3,013
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04048 | $1,494 | $2,314 | $3,013 | $3,988 | $5,133 |
Source: Ownwell