Center Lovell, Maine Property Taxes
The median property tax rate in Center Lovell, ME is 1.00%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Center Lovell at $157,950, the typical annual property tax bill is approximately $1,580, which is below the national median of $2,690. Property taxes in Center Lovell are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Center Lovell'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 Center Lovell or another part of Oxford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Center Lovell, 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 Center Lovell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Center Lovell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Center Lovell 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 Center Lovell, Maine
Property taxes in Center Lovell, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center Lovell is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Center Lovell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center Lovell 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 Center Lovell's effective property tax rate to other counties in Maine and the national median. For comparison, the 04016 zip code has both the highest and lowest median property tax rates at 1.00%. Understanding how these areas compare with Center Lovell provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center Lovell Tax Rate
1.00%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04016 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Center Lovell, Maine
In Center Lovell, 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 Oxford 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 Center Lovell, 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 Center Lovell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,580 in the 04016 zip code.
Average Center Lovell Assessed Value
$157,950
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04016 | $109,030 | $127,375 | $157,950 | $188,525 | $206,870 |
Source: Ownwell
Property Tax Bills Across Center Lovell, Maine
In Center Lovell, located in Oxford 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 town assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $157,950, homeowners in Center Lovell can expect to pay property taxes within a range, depending on their property's assessed value and specific circumstances. The 25th percentile tax bill is around $1,274, while the 75th percentile tax bill is approximately $1,885. At the higher end, the 90th percentile tax bill reaches up to $2,069. These figures indicate that the property tax burden can vary significantly across different homes. The property tax rate in Center Lovell is essential for funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Center Lovell's rates reflect the unique economic and market conditions of the area, impacting homeowners' annual financial responsibilities.
Average Center Lovell Tax Bill
$1,580
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Center Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04016 | $1,090 | $1,274 | $1,580 | $1,885 | $2,069 |
Source: Ownwell