Concord Twp, Maine Property Taxes
The median property tax rate in Concord Township, ME is 0.76%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Concord Township at $121,615, the typical annual property tax bill is $928, well below the national median of $2,690. Property taxes in Concord Township 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 Concord Township'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 Concord Township 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
Concord 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 Concord TWP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Concord TWP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Concord TWP 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 Concord Twp, Maine
Property taxes in Concord TWP, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Concord TWP is 0.76%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Concord TWP set these rates annually, and they can vary significantly across different neighborhoods. Each year, Concord 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 Concord TWP's effective property tax rate to other areas in Somerset County and the national median. For comparison, the zip code 04920 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Concord TWP provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Concord Twp Tax Rate
0.76%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Concord Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Concord Twp, Maine
In Concord 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 Somerset 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 Concord 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. The median home price in this area is $121,615, with the 25th percentile tax bill at $676 and the 75th percentile at $1,260. The highest and lowest median tax bills are both $928 in the zip code 04920. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Concord Twp Assessed Value
$121,615
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Concord Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | $61,914 | $88,582 | $121,615 | $165,012 | $196,714 |
Source: Ownwell
Property Tax Bills Across Concord Twp, Maine
In Concord Township, Somerset County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $121,615. The tax rate applied to this assessed value results in varying tax bills for homeowners. For instance, the 25th percentile tax bill is around $676, while the 75th percentile tax bill reaches $1,260, and the 90th percentile can go up to $1,609. Several factors influence these tax amounts, including changes in property values and local government budgets. Homeowners in Concord Township may find their tax burdens differ significantly depending on their property's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local variations. For residents, these property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life and community resources.
Average Concord Twp Tax Bill
$928
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Concord Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | $472 | $676 | $928 | $1,260 | $1,609 |
Source: Ownwell