Portage, Maine Property Taxes
The median property tax rate in Portage, ME is 1.40%, significantly higher than the national median of 0.99%, yet slightly lower than Maine's state median of 1.57%. With a median home value of $106,400 in Portage, the typical annual property tax bill amounts to $1,484, which is below the national median of $2,690. Property taxes in Portage are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Portage's property tax system, understanding available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of Portage or another part of Aroostook County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portage, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,490
Ownwell’s Portage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portage 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 Portage, Maine
Property taxes in Portage, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portage is 1.40%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Portage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portage 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 Portage's effective property tax rate to other counties in Maine and the national median. For comparison, the 04768 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Portage 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 Portage Tax Rate
1.40%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04768 | 1.39% | 1.39% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Portage, Maine
In Portage, 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 Portage, 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 Portage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Portage is $1484 in the 04768 zip code, while the lowest median tax bill is also $1484 in the same zip code.
Average Portage Assessed Value
$106,400
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 Portage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04768 | $52,940 | $71,300 | $106,400 | $167,000 | $243,000 |
Source: Ownwell
Property Tax Bills Across Portage, Maine
In Portage, 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 tax assessor, who evaluates the property's market value and applies the assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Portage, the median home price is $106,400. Property tax bills can vary widely, with the 25th percentile at $996 and the 75th percentile reaching $2,330, while the 90th percentile can be as high as $3,390. Compared to the national median property tax rate of 0.99%, the tax rate in Portage might seem high, but it reflects the local government's need to fund public services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Portage Tax Bill
$1,484
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Portage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04768 | $739 | $996 | $1,484 | $2,330 | $3,390 |
Source: Ownwell