Prospect, Maine Property Taxes
The median property tax rate in Prospect, ME is 1.45%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Prospect, the typical annual property tax bill reaches $2,241, falling below the national median of $2,690. Property taxes in Prospect 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 Prospect'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 Prospect 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
Prospect, 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 Prospect Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect 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 Prospect, Maine
Property taxes in Prospect, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prospect is 1.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prospect set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect 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 Prospect's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04981 has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these areas compare with Prospect provides valuable insights into the varying tax landscape across Waldo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Tax Rate
1.45%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Maine
In Prospect, 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 Waldo 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 Prospect, 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 Prospect is $154,560, with tax bills ranging from $1,641 at the 25th percentile to $3,662 at the 90th percentile. Being aware of these valuation processes in Prospect helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prospect Assessed Value
$154,560
Average Waldo County Assessed Value
$154,000
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | $69,104 | $113,165 | $154,560 | $200,805 | $252,526 |
Source: Ownwell
Property Tax Bills Across Prospect, Maine
Property tax bills in Prospect, located in Waldo County, ME, are determined by assessing the value of a property and applying the local tax rate to that assessed value. The median home price in Prospect is $154,560, which serves as a basis for calculating property taxes. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Prospect can expect their tax bills to vary widely. For instance, the tax bill at the 25th percentile is $1,641, while at the 75th percentile, it rises to $2,912. The tax bill at the 90th percentile can go up to $3,662, indicating a significant range depending on the property characteristics. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Prospect to understand how their local rates and assessed values stack up. High property taxes can impact affordability and the overall cost of homeownership, making it crucial for residents to stay informed about their property assessments and tax obligations.
Average Prospect Tax Bill
$2,241
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | $1,002 | $1,641 | $2,241 | $2,912 | $3,662 |
Source: Ownwell