Phippsburg, Maine Property Taxes
The median property tax rate in Phippsburg, ME is 1.01%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $243,400 in Phippsburg, the typical annual property tax bill amounts to $2,463, which is below the national median of $2,690. Property taxes in Phippsburg are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Phippsburg'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 Phippsburg 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
Phippsburg, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,458
Ownwell’s Phippsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phippsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phippsburg 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 Phippsburg, Maine
Property taxes in Phippsburg, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phippsburg is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Phippsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phippsburg 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 Phippsburg's effective property tax rate to other areas in Sagadahoc County and the national median. For comparison, the zip code 04562 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Phippsburg provides valuable insights into the varying tax landscape across Sagadahoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Phippsburg Tax Rate
1.01%
Average Sagadahoc County Tax Rate
1.54%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phippsburg, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04562 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Phippsburg, Maine
In Phippsburg, 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 Sagadahoc 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. Assessment notices in Phippsburg 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 Phippsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Phippsburg are both $2,463, found in the 04562 zip code.
Average Phippsburg Assessed Value
$243,400
Average Sagadahoc County Assessed Value
$236,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Phippsburg, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04562 | $56,540 | $149,700 | $243,400 | $391,850 | $596,540 |
Source: Ownwell
Property Tax Bills Across Phippsburg, Maine
In Phippsburg, located in Sagadahoc County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio. The local tax rate, often referred to as the mill rate, is set by local government authorities and reflects the amount needed to fund public services such as schools, roads, and emergency services. For homeowners in Phippsburg, the median home price stands at $243,400. This translates into varying tax bills depending on the assessed value and applicable exemptions. For instance, the 25th percentile tax bill is around $1,515, while the 75th percentile tax bill can reach up to $3,966. Those in the 90th percentile may see tax bills as high as $6,037. These figures show a range of potential financial impacts on homeowners, emphasizing the importance of understanding local property tax assessments and rates. Comparatively, the national median property tax rate is 0.99%, highlighting the significance of local variations in tax burden.
Average Phippsburg Tax Bill
$2,463
Average Sagadahoc County Tax Bill
$3,525
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Phippsburg, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04562 | $572 | $1,515 | $2,463 | $3,966 | $6,037 |
Source: Ownwell