Millinocket, Maine Property Taxes
The median property tax rate in Millinocket, ME is 2.82%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Millinocket at $63,500, the typical annual property tax bill reaches $1,768, which is below the national median of $2,690. Property taxes in Millinocket are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding 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 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
Millinocket, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$1,791
Ownwell’s Millinocket Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Millinocket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millinocket to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value, determined by the county for property tax purposes, takes into account any applicable exemptions.
Property Tax Rates Across Millinocket, Maine
Property taxes in Millinocket, Maine, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Millinocket is 2.82%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Millinocket set these rates annually, and they can vary across different neighborhoods. Each year, 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 Millinocket's effective property tax rate to other counties in Maine and the national median. For comparison, the 04462 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with 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 Millinocket Tax Rate
2.82%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Millinocket, Maine
In 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 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. Being aware of these valuation processes in Millinocket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04462 has the highest and lowest median tax bill, both at $1,768.
Average Millinocket Assessed Value
$63,500
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 Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $33,240 | $49,100 | $63,500 | $83,550 | $106,460 |
Source: Ownwell
Property Tax Bills Across Millinocket, Maine
Property tax bills in Millinocket, located in Penobscot County, ME, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor’s office and reflects the market value of the property. Once the property’s assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Millinocket, the median home price is $63,500. With a median tax bill of $1,768, homeowners in this city face a higher tax rate compared to the national median property tax rate of 0.99%. This higher tax rate can significantly impact homeowners, especially those with properties at the 90th percentile, where tax bills can reach up to $2,814. Understanding these factors is crucial for homeowners as it helps them anticipate their annual expenses and plan their finances accordingly. The property tax system ensures that the tax burden is distributed fairly based on property values, supporting essential local services and infrastructure.
Average Millinocket Tax Bill
$1,768
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $911 | $1,373 | $1,768 | $2,318 | $2,814 |
Source: Ownwell