Corinna, Maine Property Taxes
The median property tax rate in Corinna, ME is 2.01%, significantly higher than both the national median of 0.99% and Maine's state median of 1.57%. With the median home value in Corinna, the typical annual property tax bill reaches $1,617, which, while lower than the national median of $2,690, still represents a substantial cost for homeowners. Property taxes in Corinna are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Corinna'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 Corinna or another part of Penobscot County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Corinna, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$1,617
Ownwell’s Corinna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinna 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 Corinna, Maine
Property taxes in Corinna, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinna is 1.07%, higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Corinna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corinna 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 Corinna's effective property tax rate to other counties in Maine and the national median. For comparison, the 04928 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Corinna provides valuable insights into the varying tax landscape across Penobscot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinna Tax Rate
2.01%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinna, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04928 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Corinna, Maine
In Corinna, 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 Penobscot 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 Corinna, 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. For example, the zip code 04928 has the highest and lowest median tax bill, both at $1,617. Being aware of these valuation processes in Corinna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corinna Assessed Value
$80,450
Average Penobscot County Assessed Value
$141,580
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinna, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04928 | $29,670 | $53,700 | $80,450 | $109,375 | $143,190 |
Source: Ownwell
Property Tax Bills Across Corinna, Maine
In Corinna, located in Penobscot County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and condition. In Corinna, the median home price is $80,450, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $1,078, while the 75th percentile reaches $2,196, and the 90th percentile can be as high as $2,878. This variability means that homeowners in Corinna can expect different tax obligations depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, Corinna's property tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Corinna Tax Bill
$1,617
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinna, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04928 | $596 | $1,078 | $1,617 | $2,196 | $2,878 |
Source: Ownwell