Seal Cove, Maine Property Taxes
The median property tax rate in Seal Cove, ME is 1.16%, 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 $230,900 in Seal Cove, the typical annual property tax bill is around $2,688, slightly below the national median of $2,690. Property taxes in Seal Cove are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Seal Cove'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 Seal Cove 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
Seal Cove, 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 SEAL COVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SEAL COVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SEAL COVE 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 Seal Cove, Maine
Property taxes in Seal Cove, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seal Cove is 1.16%, significantly higher than the U.S. national median of 0.99%. Local government entities within Seal Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seal Cove 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 Seal Cove's effective property tax rate to other areas in Hancock County and the national median. For comparison, the zip code 04674 has both the highest and lowest median property tax rate of 1.16%. Understanding how these areas compare with Seal Cove 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 Seal Cove Tax Rate
1.16%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seal Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04674 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Seal Cove, Maine
In SEAL COVE, 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 SEAL COVE, 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. SEAL COVE’s property tax bills vary, with the 25th percentile at $2,008 and the 75th percentile at $3,806. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills are both $2,688 in ZIP code 04674. Being aware of these valuation processes in SEAL COVE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Seal Cove Assessed Value
$230,900
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 Seal Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04674 | $134,380 | $172,500 | $230,900 | $327,000 | $447,400 |
Source: Ownwell
Property Tax Bills Across Seal Cove, Maine
In Seal Cove, Hancock County, ME, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the home, which in Seal Cove has a median price of $230,900. The local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in Seal Cove can expect varying tax bills. For example, the 25th percentile tax bill is around $2,008, while the 75th percentile tax bill climbs to $3,806. The top 10% of property tax bills can reach as high as $5,208. These variations impact homeowners differently, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Seal Cove's rates reflect the local economic and market conditions, influencing how much homeowners ultimately pay in property taxes.
Average Seal Cove Tax Bill
$2,688
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Seal Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04674 | $1,565 | $2,008 | $2,688 | $3,806 | $5,208 |
Source: Ownwell