Lowell, Maine Property Taxes
The median property tax rate in Lowell, ME is 1.38%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Lowell, the typical annual property tax bill reaches $1,663, which is below the national median of $2,690. Property taxes in Lowell are calculated based on the tax assessed value, often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lowell'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 Lowell 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
Lowell, 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 Lowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, Maine
Property taxes in Lowell, Maine, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04493 has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these areas compare with Lowell 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 Lowell Tax Rate
1.38%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04493 | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Maine
In Lowell, 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 Lowell, 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 Lowell is $120,520, with tax bills ranging from $1,057 at the 25th percentile to $5,115 at the 90th percentile. The highest and lowest median tax bills are both $1,663 in zip code 04493. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowell Assessed Value
$120,520
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 Lowell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04493 | $40,081 | $76,606 | $120,520 | $240,698 | $362,023 |
Source: Ownwell
Property Tax Bills Across Lowell, Maine
In Lowell, Penobscot County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $120,520, homeowners can expect a tax bill that varies widely depending on the specific valuation and applicable exemptions. Several factors influence the final tax bill, including property size, location, and any improvements or modifications made. Homeowners in Lowell experience a range of tax bills, with the 25th percentile at $1,057 and the 75th percentile reaching $3,456. At the 90th percentile, the tax bill can be as high as $5,115. These figures indicate that while some homeowners may face relatively moderate taxes, others could see significantly higher bills. When compared to the national median property tax rate of 0.99%, the property tax rates in Lowell can have a substantial impact on homeowners, affecting affordability and long-term financial planning.
Average Lowell Tax Bill
$1,663
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04493 | $553 | $1,057 | $1,663 | $3,456 | $5,115 |
Source: Ownwell