Sorrento, Maine Property Taxes
The median property tax rate in Sorrento, ME is 1.11%, 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 $265,700 in Sorrento, the typical annual property tax bill amounts to $2,949, surpassing the national median of $2,690. Property taxes in Sorrento are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Sorrento'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 Sorrento 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
Sorrento, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,949
Ownwell’s Sorrento Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sorrento with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sorrento 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 Sorrento, Maine
Property taxes in Sorrento, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sorrento is 1.11%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Sorrento set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sorrento 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 Sorrento's effective property tax rate to other counties in Maine and the national median. For comparison, the 04677 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Sorrento 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 Sorrento Tax Rate
1.11%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sorrento, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04677 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Sorrento, Maine
In Sorrento, 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 Sorrento, 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 Sorrento helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04677 has both the highest and lowest median tax bill at $2,949.
Average Sorrento Assessed Value
$265,700
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 Sorrento, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04677 | $103,700 | $155,700 | $265,700 | $461,000 | $637,400 |
Source: Ownwell
Property Tax Bills Across Sorrento, Maine
In Sorrento, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. This assessed value is then multiplied by the property tax rate set by Hancock County to determine the annual tax bill. For example, with a median home price of $265,700, homeowners in Sorrento can expect to pay property taxes that vary significantly. Factors such as property size, location, and market conditions are considered during the assessment process. The tax bill can range widely; the 25th percentile tax bill is around $1,728, while the 75th percentile reaches $5,118, and the 90th percentile can be as high as $7,075. These taxes fund essential community services like schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the overall quality of life in Sorrento. The national median property tax rate is 0.99%, providing a benchmark for comparison.
Average Sorrento Tax Bill
$2,949
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Sorrento, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04677 | $1,151 | $1,728 | $2,949 | $5,118 | $7,075 |
Source: Ownwell