Swans Island, Maine Property Taxes
The median property tax rate in Swans Island, ME is 1.27%, 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 $173,300 in Swans Island, the typical annual property tax bill amounts to $2,201, slightly below the national median of $2,690. Property taxes in Swans Island are calculated 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. Understanding Swans Island'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 Swans Island 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
Swans Island, 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 Swans Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swans Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swans Island 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 Swans Island, Maine
Property taxes in Swans Island, Maine, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Swans Island is 1.27%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Swans Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swans Island 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 Swans Island's effective property tax rate to other counties in Maine and the national median. For comparison, the 04685 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Swans Island 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 Swans Island Tax Rate
1.27%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swans Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04685 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Swans Island, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Swans Island, 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 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. Assessment notices in Swans Island 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. For instance, the highest median tax bill in Swans Island is $2,201, while the lowest is also $2,201, both in the 04685 zip code. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swans Island Assessed Value
$173,300
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 Swans Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04685 | $77,240 | $120,550 | $173,300 | $265,250 | $437,240 |
Source: Ownwell
Property Tax Bills Across Swans Island, Maine
In Swans Island, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and is intended to represent the market value of the property. The tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of similar properties in the area. For homeowners in Swans Island, the tax bill can vary significantly. The 25th percentile tax bill is around $1,531, while the 75th percentile reaches $3,368, and the 90th percentile can go up to $5,553. This variation means that homeowners with higher-valued properties or those in more desirable locations may face significantly higher tax bills compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Swans Island Tax Bill
$2,201
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Swans Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04685 | $981 | $1,531 | $2,201 | $3,368 | $5,553 |
Source: Ownwell