Mercer, Maine Property Taxes
The median property tax rate in Mercer, ME is 1.76%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Mercer at $123,829, the typical annual property tax bill reaches $2,179, which is below the national median of $2,690. Property taxes in Mercer are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mercer’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 Mercer 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
Mercer, 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 Mercer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mercer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mercer 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 Mercer, Maine
Property taxes in Mercer, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer is 1.28%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Mercer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer 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 Mercer's effective property tax rate to other counties in Maine and the national median. For comparison, the 04957 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Mercer provides valuable insights into the varying tax landscape across Somerset, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mercer Tax Rate
1.76%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mercer, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | 1.76% | 1.76% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Mercer, Maine
In Mercer, 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 local 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 Mercer, 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. For instance, the highest median tax bill in Mercer is $2,179 in the 04957 zip code, which is also the lowest median tax bill, indicating a uniform tax landscape. 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 Mercer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mercer Assessed Value
$123,829
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 Mercer, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | $61,659 | $86,822 | $123,829 | $163,830 | $220,683 |
Source: Ownwell
Property Tax Bills Across Mercer, Maine
In Mercer, Somerset County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Mercer is $123,829. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, a homeowner in Mercer might see tax bills ranging from $1,528 at the 25th percentile to $2,884 at the 75th percentile, with the 90th percentile reaching up to $3,884. These figures illustrate how property taxes can vary significantly, impacting homeowners differently based on their property's assessed value. Comparatively, Mercer's property tax rate is higher than the national median property tax rate of 0.99%, which means homeowners in this area may pay more in property taxes relative to other parts of the country. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Mercer Tax Bill
$2,179
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04957 | $1,086 | $1,528 | $2,179 | $2,884 | $3,884 |
Source: Ownwell