Tenants Harbor, Maine Property Taxes
The median property tax rate in Tenants Harbor, ME is 1.01%, slightly higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With a median home value of $273,000, the typical annual property tax bill in Tenants Harbor reaches $2,757, which is just below the national median of $2,690. Property taxes in Tenants Harbor are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Tenants Harbor'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 Tenants Harbor or another part of Knox County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tenants Harbor, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,757
Ownwell’s Tenants Harbor Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tenants Harbor with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tenants Harbor to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property's assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Tenants Harbor, Maine
Property taxes in Tenants Harbor, Maine, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Tenants Harbor is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Tenants Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tenants Harbor 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 Tenants Harbor's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04860 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Tenants Harbor 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 Tenants Harbor Tax Rate
1.01%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tenants Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04860 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Tenants Harbor, Maine
In Tenants Harbor, 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 Tenants Harbor, 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. The highest and lowest median tax bills in the area are both $2,757, found in the 04860 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tenants Harbor Assessed Value
$273,000
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 Tenants Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04860 | $154,400 | $195,950 | $273,000 | $415,800 | $587,140 |
Source: Ownwell
Property Tax Bills Across Tenants Harbor, Maine
In Tenants Harbor, Knox County, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. The tax rate, often expressed as a percentage, is then applied to this assessed value to determine the tax bill. Homeowners in Tenants Harbor can expect varying tax bills depending on their property's value. For instance, the median home price in the area is $273,000. Tax bills can range significantly, with the 25th percentile at $1,980, the 75th percentile at $4,200, and the 90th percentile reaching as high as $5,930. The highest and lowest median tax bills in the area are both recorded at $2,757, indicating a relatively uniform tax rate within the zip code 04860. Compared to the national median property tax rate of 0.99%, homeowners in Tenants Harbor may find their property tax rates to be relatively higher, impacting their overall housing costs.
Average Tenants Harbor Tax Bill
$2,757
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Tenants Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04860 | $1,559 | $1,980 | $2,757 | $4,200 | $5,930 |
Source: Ownwell