Sullivan, Maine Property Taxes
The median property tax rate in Sullivan, ME is 1.41%, which is significantly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Sullivan at $154,100, the typical annual property tax bill amounts to $2,173, still below the national median of $2,690. Property taxes in Sullivan are calculated based on the tax assessed value, often lower than market value due to exemptions like those for primary residences and agricultural land. Understanding Sullivan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sullivan or another part of Hancock County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sullivan, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$2,173
Ownwell’s Sullivan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sullivan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sullivan 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 Sullivan, Maine
Property taxes in Sullivan, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivan is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sullivan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sullivan 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 Sullivan's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04664 has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Sullivan 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 Sullivan Tax Rate
1.41%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sullivan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04664 | 1.41% | 1.41% | 1.41% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Sullivan, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sullivan, Hancock County, Maine. 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 local 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 Sullivan, 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 Sullivan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill is 04664, with a median tax bill of $2,173.
Average Sullivan Assessed Value
$154,100
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 Sullivan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04664 | $78,860 | $110,500 | $154,100 | $225,000 | $359,500 |
Source: Ownwell
Property Tax Bills Across Sullivan, Maine
In Sullivan, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. For instance, if a home is assessed at the median home price of $154,100, the tax bill is determined by applying the local tax rate to this value. The tax rate in Sullivan is influenced by county budgets, school funding, and public service requirements. Homeowners in Sullivan can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill stands at $1,558, while the 75th percentile reaches $3,172, and the 90th percentile can go as high as $5,069. These figures reflect the range of assessed home values and the differing financial obligations of property owners. Compared to the national median property tax rate of 0.99%, Sullivan's tax rate results in notable variances in tax bills. Homeowners in this region need to consider these factors when budgeting for annual expenses, as property taxes constitute a significant part of homeownership costs.
Average Sullivan 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 Sullivan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04664 | $1,112 | $1,558 | $2,173 | $3,172 | $5,069 |
Source: Ownwell