Surry, Maine Property Taxes
The median property tax rate in Surry, ME is 0.81%, notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Surry at $267,200, the typical annual property tax bill amounts to $2,175, which is below the national median of $2,690. Property taxes in Surry are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Surry'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 Surry 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
Surry, 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 Surry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Surry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Surry 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 Surry, Maine
Property taxes in Surry, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Surry is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Surry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Surry 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 Surry's effective property tax rate to other areas in Hancock County and the national median. For comparison, the zip code 04629 has the highest median property tax rate of 0.81%, while zip code 04684 has the lowest median tax rate of 0.81%. Understanding how these areas compare with Surry 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 Surry Tax Rate
0.81%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Surry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04629 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| 04684 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Surry, Maine
In Surry, 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 Surry, 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 Surry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,176 in the 04684 zip code, while the lowest is $1,525 in the 04629 zip code.
Average Surry Assessed Value
$267,200
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 Surry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04629 | $106,760 | $137,000 | $187,400 | $384,350 | $502,520 |
| 04684 | $124,500 | $189,000 | $267,300 | $393,900 | $618,880 |
Source: Ownwell
Property Tax Bills Across Surry, Maine
In Surry, 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 the town's assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $267,200, homeowners can expect varying tax bills depending on their specific circumstances. Several factors influence the tax bill, including property size, location, and improvements made to the home. Homeowners in Surry experience a range of property tax bills, with the 25th percentile paying around $1,538 and the 75th percentile facing bills up to $3,220. The highest median tax bill in the area is $2,176, while the lowest is $1,525. This variance can significantly impact homeowners, affecting their monthly budgets and overall financial planning. Understanding these factors can help residents anticipate their tax obligations and manage their finances more effectively.
Average Surry Tax Bill
$2,175
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Surry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04629 | $869 | $1,115 | $1,525 | $3,128 | $4,091 |
| 04684 | $1,013 | $1,547 | $2,176 | $3,206 | $5,038 |
Source: Ownwell