Friendship, Maine Property Taxes
The median property tax rate in Friendship, ME is 1.17%, 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 $182,200 in Friendship, the typical annual property tax bill is approximately $2,132, falling below the national median of $2,690. Property taxes in Friendship are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Friendship's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Friendship or another part of Knox County, a thorough grasp of the local property tax system will be beneficial.
Last Updated June 14, 2024
Friendship, 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 Friendship Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Friendship with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendship 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 Friendship, Maine
Property taxes in Friendship, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 1.17%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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 Friendship's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04547 has the highest median property tax rate of 1.17%, while the same zip code 04547 has the lowest median tax rate of 1.17%. Understanding how these cities compare with Friendship provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendship Tax Rate
1.17%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendship, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04547 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, Maine
In Friendship, 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 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 Friendship, 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 Friendship 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 $2,132 in the 04547 zip code, which is also the lowest median tax bill, indicating a consistent tax environment.
Average Friendship Assessed Value
$182,200
Average Knox County Assessed Value
$198,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendship, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04547 | $81,690 | $123,375 | $182,200 | $336,500 | $508,800 |
Source: Ownwell
Property Tax Bills Across Friendship, Maine
In Friendship, located in Knox County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property’s market value, which serves as the basis for calculating the tax bill. Various factors such as the property's size, location, and condition are considered during the assessment process. Homeowners in Friendship experience a range of tax bills. For instance, the 25th percentile tax bill is $1,444, while the 75th percentile tax bill reaches $3,937. At the higher end, the 90th percentile tax bill can climb to $5,953. Comparatively, the median tax bill in the area, which stands at $2,132, is higher than the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions related to purchasing or maintaining a home in Friendship. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Friendship Tax Bill
$2,132
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendship, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04547 | $956 | $1,444 | $2,132 | $3,937 | $5,953 |
Source: Ownwell