East Millinocket, Maine Property Taxes
The median property tax rate in East Millinocket, ME is 3.32%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in East Millinocket at $49,573, the typical annual property tax bill reaches $1,646, which is below the national median of $2,690. Property taxes in East Millinocket 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 East Millinocket'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 East Millinocket 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
East Millinocket, 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 East Millinocket Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Millinocket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Millinocket 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 East Millinocket, Maine
Property taxes in East Millinocket, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Millinocket is 3.32%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within East Millinocket set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Millinocket 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 East Millinocket's effective property tax rate to other counties in Maine and the national median. For comparison, the 04430 zip code has the highest median property tax rate of 3.32%, while the same 04430 zip code also has the lowest median tax rate of 3.32%. Understanding how these cities compare with East Millinocket 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 East Millinocket Tax Rate
3.32%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04430 | 3.32% | 3.32% | 3.32% | 3.32% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across East Millinocket, Maine
In East Millinocket, 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 East Millinocket, 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 East Millinocket is $49,573, with tax bills ranging from $1,339 at the 25th percentile to $2,680 at the 90th percentile. The zip code with the highest and lowest median tax bill is 04430, both at $1,646. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average East Millinocket Assessed Value
$49,573
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 East Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04430 | $29,815 | $40,317 | $49,573 | $61,499 | $80,723 |
Source: Ownwell
Property Tax Bills Across East Millinocket, Maine
In East Millinocket, Penobscot County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in East Millinocket is $49,573. To calculate the property tax bill, the home’s assessed value is multiplied by the tax rate set by the local government. Various factors, such as property improvements, market conditions, and neighborhood characteristics, influence the assessed value. Homeowners in East Millinocket face a range of property tax bills. At the 25th percentile, the tax bill is $1,339, while at the 75th percentile, it reaches $2,042. For those at the 90th percentile, the tax bill can be as high as $2,680. Compared to the national median property tax rate of 0.99%, East Millinocket’s property taxes can significantly impact homeowners, especially those with higher-assessed properties. These taxes fund essential community services, including schools, public safety, and infrastructure, directly affecting the quality of life in the area.
Average East Millinocket Tax Bill
$1,646
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across East Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04430 | $990 | $1,339 | $1,646 | $2,042 | $2,680 |
Source: Ownwell