Castine, Maine Property Taxes
The median property tax rate in Castine, ME is 1.30%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Castine, the typical annual property tax bill reaches $4,028, exceeding the national median of $2,690. Property taxes in Castine are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Castine'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 Castine or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Castine, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$4,028
Ownwell’s Castine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castine 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 Castine, Maine
Property taxes in Castine, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castine is 1.30%, notably higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Castine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castine 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 Castine's effective property tax rate to other counties in Maine and the national median. For comparison, the 04421 zip code has the highest median property tax rate of 1.30%, while the 04420 zip code has the lowest median tax rate of 1.30%. Understanding how these cities compare with Castine provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castine Tax Rate
1.30%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04420 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| 04421 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Castine, Maine
In Castine, 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 Hancock 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 Castine, 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 Castine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $10,600 in zip code 04420, while the lowest is $3,994 in zip code 04421.
Average Castine Assessed Value
$309,850
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04420 | $815,400 | $815,400 | $815,400 | $815,400 | $815,400 |
| 04421 | $138,760 | $193,750 | $307,200 | $472,350 | $709,880 |
Source: Ownwell
Property Tax Bills Across Castine, Maine
In Castine, Hancock County, ME, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. The tax rate, set by local government authorities, is applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Castine is $309,850. Homeowners in the 25th percentile of tax bills pay around $2,520 annually, while those in the 75th percentile pay approximately $6,167. At the higher end, the 90th percentile tax bill reaches $9,296. These property taxes significantly impact homeowners, affecting their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Castine can vary, leading to a wide range of tax bills within the community.
Average Castine Tax Bill
$4,028
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Castine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04420 | $10,600 | $10,600 | $10,600 | $10,600 | $10,600 |
| 04421 | $1,804 | $2,519 | $3,994 | $6,141 | $9,229 |
Source: Ownwell