Greenwood, Maine Property Taxes
The median property tax rate in Greenwood, ME is 1.65%, notably higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $115,000 in Greenwood, the typical annual property tax bill amounts to $1,898, which is still below the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenwood, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$1,898
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Maine
Property taxes in Greenwood, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.65%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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. Understanding how Greenwood compares to other areas in Oxford County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.65%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04255 | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Maine
In Greenwood, 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04255, with a value of $1,898.
Average Greenwood Assessed Value
$115,000
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 Greenwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04255 | $75,000 | $75,000 | $115,000 | $115,000 | $115,000 |
Source: Ownwell
Property Tax Bills Across Greenwood, Maine
In Greenwood, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Greenwood is $115,000. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. This calculation considers factors such as property size, location, and market conditions. For homeowners in Greenwood, the tax bill can vary significantly. The 25th percentile tax bill is $1,238, while the 75th percentile and the 90th percentile tax bills both reach $1,898. These figures indicate that property taxes in Greenwood can be relatively high compared to the national median property tax rate of 0.99%. This variability in property tax bills can significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions related to buying or selling property. Understanding these factors can help homeowners better manage their finances and plan for future expenses.
Average Greenwood Tax Bill
$1,898
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04255 | $1,238 | $1,238 | $1,898 | $1,898 | $1,898 |
Source: Ownwell