Lily Bay Twp, Maine Property Taxes
The median property tax rate in Lily Bay Twp, ME is 0.68%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Lily Bay Twp at $180,295, the typical annual property tax bill amounts to $1,262, well below the national median of $2,690. Property taxes in Lily Bay Twp are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lily Bay Twp's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lily Bay Twp or another part of the area, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lily Bay Twp, 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 Lily Bay Twp Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lily Bay Twp with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lily Bay Twp to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, incorporating any applicable exemptions.
Property Tax Rates Across Lily Bay Twp, Maine
Property taxes in Lily Bay Twp, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lily Bay Twp is 0.68%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lily Bay Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lily Bay Twp 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 Lily Bay Twp's effective property tax rate to other counties in Maine and the national median. For comparison, the 04441 zip code has the highest median property tax rate of 0.68%, while the same 04441 zip code has the lowest median tax rate of 0.68%. Understanding how these cities compare with Lily Bay Twp 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 Lily Bay Twp Tax Rate
0.68%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lily Bay Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | 0.68% | 0.68% | 0.68% | 0.68% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Lily Bay Twp, Maine
In Lily Bay Township, 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 Lily Bay Township, 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 Lily Bay Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04441 has both the highest and lowest median tax bills at $1,262, compared to the national median property tax rate of 0.99%.
Average Lily Bay Twp Assessed Value
$180,295
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 Lily Bay Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | $133,514 | $176,448 | $180,295 | $193,732 | $231,238 |
Source: Ownwell
Property Tax Bills Across Lily Bay Twp, Maine
In Lily Bay Township, located in Piscataquis County, ME, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the township's property tax rate to generate the annual tax bill. Factors influencing the assessed value include the property's market value, size, location, and any improvements or renovations made. For homeowners in Lily Bay Township, tax bills can vary significantly. For instance, the 25th percentile tax bill stands at $1,222, while the 75th percentile reaches $1,408. The 90th percentile tax bill is even higher, at $1,579. These figures indicate that property taxes can have a substantial impact on household budgets. When compared to the national median property tax rate of 0.99%, Lily Bay Township's property taxes are relatively competitive. However, the exact amount a homeowner pays can still fluctuate based on the specific assessed value of their property, making it crucial for residents to stay informed about their property's valuation and any changes in tax rates.
Average Lily Bay Twp Tax Bill
$1,262
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lily Bay Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | $1,175 | $1,222 | $1,262 | $1,408 | $1,579 |
Source: Ownwell