Caribou, Maine Property Taxes
The median property tax rate in Caribou, ME is 2.35%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Caribou, the typical annual property tax bill reaches $1,933, which is below the national median of $2,690. Property taxes in Caribou 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 Caribou'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 Caribou 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
Caribou, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$1,943
Ownwell’s Caribou Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caribou with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caribou 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 Caribou, Maine
Property taxes in Caribou, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caribou is 2.35%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Caribou set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caribou 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 Caribou's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04736 has both the highest and lowest median property tax rate of 2.35%. Understanding how these areas compare with Caribou provides valuable insights into the varying tax landscape across Aroostook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caribou Tax Rate
2.35%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caribou, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04736 | 2.35% | 2.35% | 2.35% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Caribou, Maine
In Caribou, 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 Aroostook 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 Caribou, 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. For instance, the median home price in Caribou is $82,700, with tax bills ranging from $1,408 at the 25th percentile to $4,062 at the 90th percentile. The zip code 04736 has both the highest and lowest median tax bill at $1,933. Being aware of these valuation processes in Caribou helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caribou Assessed Value
$82,700
Average Aroostook County Assessed Value
$86,999
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caribou, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04736 | $39,490 | $60,500 | $82,700 | $119,025 | $173,510 |
Source: Ownwell
Property Tax Bills Across Caribou, Maine
In Caribou, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate, also known as the mill rate, is then applied to this assessed value. For instance, with a median home price of $82,700 in Caribou, homeowners can expect their tax bills to vary widely. At the 25th percentile, tax bills are around $1,408, while at the 75th percentile, they reach approximately $2,780, and at the 90th percentile, they can be as high as $4,062. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Comparatively, Caribou's property tax rates can be higher than the national median property tax rate of 0.99%, impacting homeowners by increasing their annual expenses. Understanding these factors and how they interplay is crucial for homeowners as they plan their finances and consider the long-term costs of owning property in Caribou.
Average Caribou Tax Bill
$1,933
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Caribou, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04736 | $914 | $1,408 | $1,933 | $2,780 | $4,062 |
Source: Ownwell