Monticello, Maine Property Taxes
The median property tax rate in Monticello, ME is 1.80%, considerably higher than both the national median of 0.99% and Maine's state median of 1.57%. With the median home value in Monticello at $77,100, the typical annual property tax bill reaches $1,388, exceeding the national median of $2,690. Property taxes in Monticello 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 Monticello'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 Monticello 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
Monticello, 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 Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Maine
Property taxes in Monticello, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.80%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Maine and the national median. For comparison, the 04760 zip code has the highest median property tax rate of 1.80%, while the 04760 zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Monticello 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 Monticello Tax Rate
1.80%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04760 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Maine
In Monticello, 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 Monticello, 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 Monticello 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 04760, both at $1388.
Average Monticello Assessed Value
$77,100
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 Monticello, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04760 | $38,200 | $57,600 | $77,100 | $103,900 | $149,900 |
Source: Ownwell
Property Tax Bills Across Monticello, Maine
In Monticello, located in Aroostook County, 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 local assessor's office, which evaluates the property's market value. Homeowners in Monticello can expect a range of property tax bills depending on their home's assessed value. For instance, the 25th percentile tax bill is approximately $1,037, while the 75th percentile tax bill reaches about $1,870. At the higher end, the 90th percentile tax bill can be as much as $2,698. These tax bills are influenced by various factors, including property size, location, and market conditions. The median home price in Monticello is $77,100, which is significantly lower than many other regions. Compared to the national median property tax rate of 0.99%, Monticello's property taxes can be seen as relatively high, impacting homeowners by increasing their annual housing costs. Understanding these factors helps homeowners anticipate their financial obligations and budget accordingly.
Average Monticello Tax Bill
$1,388
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04760 | $688 | $1,037 | $1,388 | $1,870 | $2,698 |
Source: Ownwell