Lamoine, Maine Property Taxes
The median property tax rate in Lamoine, ME is 1.12%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $193,150 in Lamoine, the typical annual property tax bill amounts to $2,173, which is below the national median of $2,690. Property taxes in Lamoine are determined based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Lamoine's property tax system, exploring exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in the heart of Lamoine or elsewhere in Hancock County, gaining insight into the local property tax structure is beneficial for all property owners.
Last Updated June 14, 2024
Lamoine, 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 Lamoine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamoine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamoine 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 Lamoine, Maine
Property taxes in Lamoine, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamoine is 1.12%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lamoine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamoine 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 Lamoine's effective property tax rate to other areas in Maine and the national median. For comparison, the 04605 zip code has the highest median property tax rate of 1.12%, while the same 04605 zip code has the lowest median tax rate of 1.12%. Understanding how these areas compare with Lamoine 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 Lamoine Tax Rate
1.12%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamoine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Lamoine, Maine
In Lamoine, 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 Lamoine, 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 Lamoine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04605 has the highest median tax bill at $2,173, which is essential information for homeowners aiming to optimize their property tax strategies.
Average Lamoine Assessed Value
$193,150
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 Lamoine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $110,800 | $141,850 | $193,150 | $264,025 | $415,850 |
Source: Ownwell
Property Tax Bills Across Lamoine, Maine
In Lamoine, Hancock County, ME, property taxes are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town’s assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $193,150, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. Factors influencing the tax bill include property size, location, and any improvements or renovations made. For example, tax bills in Lamoine range from the 25th percentile at $1,595 to the 75th percentile at $3,010, with the 90th percentile reaching up to $4,658. These amounts highlight the variability in tax obligations based on property characteristics. Homeowners in Lamoine should be aware that their property tax bills can significantly impact their annual expenses, making it crucial to understand how assessments and local tax rates affect their financial planning.
Average Lamoine Tax Bill
$2,173
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamoine, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $1,239 | $1,595 | $2,173 | $3,010 | $4,658 |
Source: Ownwell