Abbot, Maine Property Taxes
The median property tax rate in Abbot, ME is 1.45%, which is significantly higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With the median home value in Abbot at $117,450, the typical annual property tax bill reaches $1,703, still below the national median of $2,690. Property taxes in Abbot 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 Abbot'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 Abbot or another part of Piscataquis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Abbot, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$1,703
Ownwell’s Abbot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abbot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abbot 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 Abbot, Maine
Property taxes in Abbot, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abbot is 1.45%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Abbot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abbot 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 Abbot's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04406 has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these figures compare with Abbot provides valuable insights into the varying tax landscape across Piscataquis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abbot Tax Rate
1.45%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abbot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04406 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Abbot, Maine
In Abbot, 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 Piscataquis 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 Abbot, 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 Abbot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04406 in Abbot has both the highest and lowest median tax bill at $1,703.
Average Abbot Assessed Value
$117,450
Average Piscataquis County Assessed Value
$100,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Abbot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04406 | $60,034 | $86,490 | $117,450 | $144,260 | $198,756 |
Source: Ownwell
Property Tax Bills Across Abbot, Maine
In Abbot, located in Piscataquis County, ME, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this value to determine the tax bill. For example, with a median home price of $117,450, homeowners can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is approximately $1,254, while at the 75th percentile, it rises to about $2,092. At the 90th percentile, the tax bill can reach up to $2,882. These figures indicate that property taxes in Abbot can substantially impact homeowners, with bills fluctuating based on the assessed property values and the local tax rate. Compared to the national median property tax rate of 0.99%, Abbot's rates reflect the local economic and property market conditions. Homeowners in the zip code 04406 see a median tax bill of $1,703, highlighting the importance of understanding local property tax calculations to manage financial expectations effectively.
Average Abbot Tax Bill
$1,703
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Abbot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04406 | $871 | $1,254 | $1,703 | $2,092 | $2,882 |
Source: Ownwell