Little Deer Isle, Maine Property Taxes
The median property tax rate in Little Deer Isle, ME is 0.77%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $228,950 in Little Deer Isle, the typical annual property tax bill amounts to $1,774, significantly under the national median of $2,690. Property taxes in Little Deer Isle are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Little Deer Isle's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in Little Deer Isle or another part of Hancock County, familiarizing yourself with the local property tax system will greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Little 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 Little Deer Isle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Deer Isle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little 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 Little Deer Isle, Maine
Property taxes in Little 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 Little Deer Isle is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Little Deer Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little 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 Little Deer Isle's effective property tax rate to other areas in Hancock County and the national median. For comparison, the zip code 04650 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Little 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 Little Deer Isle Tax Rate
0.77%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04650 | 0.77% | 0.77% | 0.77% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Little Deer Isle, Maine
In Little 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 Little 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. The median home price in Little Deer Isle is $228,950, with annual tax bills ranging from $1,346 at the 25th percentile to $4,420 at the 90th percentile. 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 Little Deer Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Deer Isle Assessed Value
$228,950
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 Little Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04650 | $142,440 | $173,625 | $228,950 | $334,475 | $570,350 |
Source: Ownwell
Property Tax Bills Across Little Deer Isle, Maine
In Little Deer Isle, located in Hancock 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 local assessors who evaluate the market value of the property. Homeowners in this area can expect a median home price of $228,950. The property tax rate in Little Deer Isle is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile of tax bills pay around $1,346, while those in the 75th percentile pay about $2,592. At the 90th percentile, tax bills can reach $4,420. Compared to the national median property tax rate of 0.99%, the tax rates in Little Deer Isle can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners as they directly influence the affordability and long-term financial planning associated with owning property in Hancock County.
Average Little Deer Isle Tax Bill
$1,774
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Deer Isle, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04650 | $1,104 | $1,346 | $1,774 | $2,592 | $4,420 |
Source: Ownwell