Deer Isle, Maine Property Taxes
The median property tax rate in Deer Isle, ME is 0.78%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Deer Isle at $214,300, the typical annual property tax bill is $1,661, falling below the national median of $2,690. Property taxes in Deer Isle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Deer Isle'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 Deer Isle 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
Deer Isle, 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 Deer Isle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer Isle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer Isle 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 Deer Isle, Maine
Property taxes in Deer Isle, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer Isle is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Deer Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer Isle 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 Deer Isle's effective property tax rate to other areas in Hancock County and the national median. For comparison, the zip code 04627 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Deer Isle 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 Deer Isle Tax Rate
0.78%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04627 | 0.77% | 0.77% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Deer Isle, Maine
In Deer Isle, 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 Deer Isle, 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. Deer Isle's property tax bills range significantly, with the 25th percentile at $1,174 and the 90th percentile reaching $4,668. The highest and lowest median tax bills are both $1,661, found in zip code 04627. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Isle Assessed Value
$214,300
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 Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04627 | $89,660 | $151,450 | $214,300 | $336,650 | $602,280 |
Source: Ownwell
Property Tax Bills Across Deer Isle, Maine
In Deer Isle, located in Hancock County, ME, property tax bills are determined by assessing the value of a property and applying the local tax rate to that assessed value. The median home price in Deer Isle is $214,300, which serves as a baseline for calculating property taxes. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. For instance, tax bills in Deer Isle range significantly, with the 25th percentile at $1,174 and the 75th percentile at $2,609, indicating variability based on property values and exemptions. At the 90th percentile, tax bills can reach up to $4,668. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Deer Isle's property tax rates reflect the unique economic and community needs of the area.
Average Deer Isle Tax Bill
$1,661
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04627 | $695 | $1,174 | $1,661 | $2,609 | $4,668 |
Source: Ownwell