Skowhegan, Maine Property Taxes
The median property tax rate in Skowhegan, ME is 1.77%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Skowhegan, the typical annual property tax bill reaches $2,297, which is still below the national median of $2,690. Property taxes in Skowhegan 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 Skowhegan'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 Skowhegan 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
Skowhegan, 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 Skowhegan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Skowhegan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Skowhegan 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 Skowhegan, Maine
Property taxes in Skowhegan, Maine, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Skowhegan is 1.77%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Skowhegan set these rates annually, and they can vary across different neighborhoods. Each year, Skowhegan 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 Skowhegan's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04976 has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Skowhegan 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 Skowhegan Tax Rate
1.77%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Skowhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Skowhegan, Maine
In Skowhegan, 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 Skowhegan, 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 Skowhegan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Skowhegan, the zip code 04976 has the highest median tax bill at $2,297, which is significantly higher than the national median property tax rate of 0.99%.
Average Skowhegan Assessed Value
$129,800
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 Skowhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | $23,820 | $77,800 | $129,800 | $192,400 | $270,100 |
Source: Ownwell
Property Tax Bills Across Skowhegan, Maine
In Skowhegan, Somerset 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 town's assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $129,800, homeowners can expect varying tax bills depending on their property’s assessed value and other factors. At the 25th percentile, tax bills are around $1,372, while they can rise to $3,406 at the 75th percentile. For those in the 90th percentile, tax bills can reach as high as $4,781. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Skowhegan's rates can significantly impact homeowners, influencing decisions on buying or selling property and overall financial planning.
Average Skowhegan Tax Bill
$2,297
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Skowhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | $418 | $1,372 | $2,297 | $3,406 | $4,781 |
Source: Ownwell