Limestone, Maine Property Taxes
The median property tax rate in Limestone, ME is 3.04%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Limestone, the typical annual property tax bill reaches $1,905, which, while lower than the national median of $2,690, is still a significant expense for homeowners. Property taxes in Limestone 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 Limestone'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 Limestone 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
Limestone, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$1,908
Ownwell’s Limestone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Limestone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Limestone 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 Limestone, Maine
Property taxes in Limestone, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Limestone is 1.09%, higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Limestone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Limestone 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 Limestone's effective property tax rate to other counties in Maine and the national median. For comparison, the highest median property tax rate in the county is in zip code 04750 at 1.09%, while the lowest median tax rate is also in zip code 04750 at 1.09%. Understanding how these cities compare with Limestone 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 Limestone Tax Rate
3.04%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Limestone, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04750 | 3.04% | 3.04% | 3.04% | 3.04% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Limestone, Maine
In Limestone, 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 Limestone, 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 Limestone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,905, found in zip code 04750.
Average Limestone Assessed Value
$62,750
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 Limestone, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04750 | $29,170 | $45,300 | $62,750 | $82,600 | $105,340 |
Source: Ownwell
Property Tax Bills Across Limestone, Maine
In Limestone, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the city’s assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For context, the median home price in Limestone is $62,750. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For example, homes in the 25th percentile have a tax bill of around $1,377, while those in the 75th percentile face a tax bill of approximately $2,510. The highest tax bills, found in the 90th percentile, can reach up to $3,201. These property taxes significantly impact homeowners, as they represent a recurring cost that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Limestone's rates can be seen as relatively high, emphasizing the importance for homeowners to understand and plan for these expenses.
Average Limestone Tax Bill
$1,905
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Limestone, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04750 | $886 | $1,377 | $1,905 | $2,510 | $3,201 |
Source: Ownwell