Mars Hill, Maine Property Taxes
The median property tax rate in Mars 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 Mars Hill at $88,500, the typical annual property tax bill reaches $1,508, exceeding the national median of $2,690. Property taxes in Mars 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 Mars 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 Mars 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
Mars Hill, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$1,505
Ownwell’s Mars Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mars Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mars 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 Mars Hill, Maine
Property taxes in Mars Hill, ME, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mars Hill is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mars Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mars 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. Understanding how Mars Hill's property tax rate compares to other areas 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 Mars 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 Mars Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04758 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Mars Hill, Maine
In Mars 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 Mars 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. For instance, the median home price in Mars Hill is $88,500, with tax bills ranging from $979 at the 25th percentile to $3,542 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 04758, with a median tax bill of $1,508. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mars Hill Assessed Value
$88,500
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 Mars Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04758 | $40,660 | $57,450 | $88,500 | $136,325 | $207,890 |
Source: Ownwell
Property Tax Bills Across Mars Hill, Maine
In Mars Hill, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as property size, location, and market conditions are considered when determining the assessed value. For homeowners, this means that changes in the real estate market or property improvements can impact their tax bills. In Mars Hill, the median home price stands at $88,500. Homeowners at the 25th percentile can expect to pay around $979 in property taxes, while those at the 75th percentile may see bills of approximately $2,323. The highest tax bills, at the 90th percentile, can reach up to $3,542. Compared to the national median property tax rate of 0.99%, Mars Hill's property taxes can vary significantly, affecting homeowners' financial planning and overall cost of living. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Mars Hill Tax Bill
$1,508
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Mars Hill, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04758 | $693 | $979 | $1,508 | $2,323 | $3,542 |
Source: Ownwell