Walpole, Maine Property Taxes
The median property tax rate in Walpole, ME is 0.40%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Walpole at $275,900, the typical annual property tax bill is $1,132, well below the national median of $2,690. Property taxes in Walpole are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Walpole's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Walpole or another part of Lincoln County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walpole, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,104
Ownwell’s Walpole Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walpole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walpole 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 Walpole, Maine
Property taxes in Walpole, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walpole is 0.40%, significantly lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Walpole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walpole 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 Walpole's effective property tax rate to other counties in Maine and the national median. For comparison, the 04573 zip code has the highest median property tax rate of 0.40%, while the 04573 zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Walpole 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 Walpole Tax Rate
0.40%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walpole, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04573 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Walpole, Maine
In Walpole, 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 Walpole, 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 median home price in Walpole is $275,900, with tax bills ranging from $877 at the 25th percentile to $3,017 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walpole Assessed Value
$275,900
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 Walpole, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04573 | $176,860 | $217,500 | $275,900 | $415,800 | $748,600 |
Source: Ownwell
Property Tax Bills Across Walpole, Maine
In Walpole, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and is meant to reflect the market value of the home. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, in Lincoln County, where Walpole is located, the median home price is $275,900. Homeowners in this area can expect their property tax bills to range significantly. At the 25th percentile, the tax bill is around $877, while at the 75th percentile, it rises to approximately $1,725. The 90th percentile sees tax bills as high as $3,017. These taxes are essential for funding local services such as schools, roads, and emergency services. For homeowners, understanding how their property tax bill is calculated can help them plan their finances better and ensure they are not overpaying.
Average Walpole Tax Bill
$1,132
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Walpole, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04573 | $712 | $877 | $1,132 | $1,725 | $3,017 |
Source: Ownwell