Silver Ridge Twp, Maine Property Taxes
The median property tax rate in Silver Ridge Township, ME is 0.70%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Silver Ridge Township, the typical annual property tax bill is $541, well below the national median of $2,690. Property taxes in Silver Ridge Township are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Silver Ridge Township'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 Silver Ridge Township 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
Silver Ridge Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$537
Ownwell’s Silver Ridge TWP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Ridge TWP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Ridge TWP 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 Silver Ridge Twp, Maine
Property taxes in Silver Ridge Twp, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Ridge Twp is 0.70%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Silver Ridge Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Ridge Twp 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 Silver Ridge Twp's effective property tax rate to other counties in Maine and the national median. For comparison, the 04776 zip code has the highest median property tax rate of 0.70%, while the 04776 zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Silver Ridge Twp 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 Silver Ridge Twp Tax Rate
0.70%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Ridge Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04776 | 0.70% | 0.70% | 0.70% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Silver Ridge Twp, Maine
In Silver Ridge Twp, 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 Silver Ridge Twp, 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 Silver Ridge Twp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04776 has both the highest and lowest median tax bill at $541.
Average Silver Ridge Twp Assessed Value
$76,715
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 Silver Ridge Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04776 | $31,990 | $62,640 | $76,715 | $113,260 | $174,144 |
Source: Ownwell
Property Tax Bills Across Silver Ridge Twp, Maine
In Silver Ridge Township, Aroostook County, ME, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in this area is $76,715. Local tax authorities then apply the relevant property tax rate to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. For homeowners in Silver Ridge Township, the tax bill can vary significantly. The tax bill at the 25th percentile is $441, while at the 75th percentile, it rises to $798. The top 10% of tax bills reach up to $1,204. These property taxes contribute to local services such as schools, infrastructure, and emergency services, impacting the overall quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Silver Ridge Township experience a varied range of tax bills, reflecting the diverse property values within the community.
Average Silver Ridge Twp Tax Bill
$541
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Ridge Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04776 | $226 | $441 | $541 | $798 | $1,204 |
Source: Ownwell