Owls Head, Maine Property Taxes
The median property tax rate in Owls Head, ME is 1.40%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Owls Head, the typical annual property tax bill reaches $3,359, exceeding the national median of $2,690. Property taxes in Owls Head are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Owls Head'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 Owls Head 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
Owls Head, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,359
Ownwell’s Owls Head Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owls Head with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owls Head 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 Owls Head, Maine
Property taxes in Owls Head, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owls Head is 1.40%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Owls Head set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owls Head 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 Owls Head's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04854 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Owls Head 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 Owls Head Tax Rate
1.40%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owls Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04854 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Owls Head, Maine
In Owls Head, 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 Knox 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 Owls Head, 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 Owls Head helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Owls Head is $3,359 in the 04854 zip code, which also has the lowest median tax bill, making it essential to stay informed.
Average Owls Head Assessed Value
$239,940
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 Owls Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04854 | $106,090 | $162,360 | $239,940 | $419,920 | $617,430 |
Source: Ownwell
Property Tax Bills Across Owls Head, Maine
In Owls Head, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate, known as the mill rate, is then applied to this assessed value. For instance, with a median home price of $239,940, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is approximately $2,273, while at the 75th percentile, it rises to about $5,879. The 90th percentile sees tax bills as high as $8,644. Several factors influence these tax bills, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, homeowners in Owls Head may find their tax rates to be higher, reflecting regional variations. This can impact homeowners by increasing their annual expenses, making it crucial for them to understand and potentially appeal their property assessments to ensure fair taxation.
Average Owls Head Tax Bill
$3,359
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Owls Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04854 | $1,485 | $2,273 | $3,359 | $5,879 | $8,644 |
Source: Ownwell