Palermo, Maine Property Taxes
The median property tax rate in Palermo, ME is 0.69%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Palermo at $54,380, the typical annual property tax bill is $376, well below the national median of $2,690. Property taxes in Palermo 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 Palermo'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 Palermo 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
Palermo, 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 Palermo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palermo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palermo 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 Palermo, Maine
Property taxes in Palermo, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palermo is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Palermo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palermo 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 Palermo's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04354 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Palermo provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palermo Tax Rate
0.69%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Palermo, Maine
In Palermo, 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 Lincoln 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 Palermo, 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 Palermo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04354 at $376, while the lowest is also 04354 at $376, reflecting a uniform tax landscape across the city.
Average Palermo Assessed Value
$54,380
Average Lincoln County Assessed Value
$224,290
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | $54,380 | $54,380 | $54,380 | $54,380 | $54,380 |
Source: Ownwell
Property Tax Bills Across Palermo, Maine
In Palermo, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Palermo is $54,380, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. In Palermo, the property tax bill for the 25th, 75th, and 90th percentiles is consistently $376. This uniformity suggests a relatively stable and predictable property tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Palermo's property taxes are quite competitive, offering homeowners a more affordable option. This can significantly impact homeowners by providing financial predictability and potentially lower overall housing costs, making Palermo an attractive place for property investment and homeownership.
Average Palermo Tax Bill
$376
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Palermo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04354 | $376 | $376 | $376 | $376 | $376 |
Source: Ownwell