Southport, Maine Property Taxes
The median property tax rate in Southport, ME is 0.52%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Southport at $358,870, the typical annual property tax bill reaches $1,866, falling well below the national median of $2,690. Property taxes in Southport 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 Southport'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 Southport 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
Southport, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,866
Ownwell’s Southport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southport 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 Southport, Maine
Property taxes in Southport, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southport is 0.52%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Southport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southport 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 Southport's effective property tax rate to other counties in Maine and the national median. For comparison, the 04576 zip code has the highest median property tax rate of 0.52%, while the same zip code also holds the lowest median tax rate of 0.52%. Understanding how these cities compare with Southport 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 Southport Tax Rate
0.52%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04576 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Southport, Maine
In Southport, 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. 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 Southport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Southport are both $1,866, found in the 04576 zip code.
Average Southport Assessed Value
$358,870
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 Southport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04576 | $188,300 | $245,437 | $358,870 | $547,690 | $908,940 |
Source: Ownwell
Property Tax Bills Across Southport, Maine
In Southport, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners, several factors influence this calculation, including the market value of their property and any applicable exemptions or deductions. In Lincoln County, where Southport is located, the median home price stands at $358,870. Homeowners in this area can expect their tax bills to vary widely. For instance, the tax bill at the 25th percentile is $1,276, while at the 75th percentile, it rises to $2,848. The 90th percentile sees tax bills as high as $4,726. Interestingly, Southport has a uniform median tax bill of $1,866 across its zip code 04576. These property tax bills significantly impact homeowners, as they are a recurring annual expense that must be factored into the overall cost of homeownership. Understanding these factors helps homeowners better prepare for their financial obligations.
Average Southport Tax Bill
$1,866
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Southport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04576 | $979 | $1,276 | $1,866 | $2,848 | $4,726 |
Source: Ownwell