Castle Hill, Maine Property Taxes
The median property tax rate in Castle Hill, ME is 1.70%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Castle Hill at $90,700, the typical annual property tax bill reaches $1,542, exceeding the national median of $2,690. Property taxes in Castle Hill 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 Castle Hill'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 Castle Hill 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
Castle Hill, 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 CASTLE HILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CASTLE HILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CASTLE HILL 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 Castle Hill, Maine
Property taxes in Castle Hill, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castle Hill is 1.70%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Castle Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castle Hill 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 Castle Hill's effective property tax rate to other counties in Maine and the national median. For comparison, the 04757 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Castle Hill 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 Castle Hill Tax Rate
1.70%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castle Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04757 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Castle Hill, Maine
In CASTLE HILL, 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 CASTLE HILL, 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 CASTLE HILL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in CASTLE HILL is $1542, found in the 04757 zip code, while the lowest median tax bill is also $1542 in the same zip code.
Average Castle Hill Assessed Value
$90,700
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 Castle Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04757 | $38,000 | $57,000 | $90,700 | $127,850 | $157,040 |
Source: Ownwell
Property Tax Bills Across Castle Hill, Maine
In Castle Hill, Aroostook County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $90,700, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $969, while at the 75th percentile, it rises to approximately $2,174. The highest tax bills, around the 90th percentile, can reach up to $2,669. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Castle Hill's rates can be higher, reflecting the specific needs and budgets of the local government. Understanding these factors helps homeowners better anticipate their annual expenses and manage their finances accordingly.
Average Castle Hill Tax Bill
$1,542
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Castle Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04757 | $646 | $969 | $1,542 | $2,174 | $2,669 |
Source: Ownwell