Thorndike, Maine Property Taxes
The median property tax rate in Thorndike, ME is 1.75%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Thorndike, the typical annual property tax bill reaches $2,426, slightly below the national median of $2,690. Property taxes in Thorndike 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 Thorndike'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 Thorndike 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
Thorndike, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$2,414
Ownwell’s Thorndike Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorndike with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorndike 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 Thorndike, Maine
Property taxes in Thorndike, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorndike is 1.75%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Thorndike set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorndike 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 Thorndike's effective property tax rate to other counties in Maine and the national median. For comparison, the 04986 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Thorndike 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 Thorndike Tax Rate
1.75%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorndike, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | 1.75% | 1.75% | 1.75% | 1.75% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Thorndike, Maine
In Thorndike, 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 Thorndike, 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 Thorndike helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thorndike are both $2,426 in the 04986 zip code.
Average Thorndike Assessed Value
$137,940
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 Thorndike, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | $52,096 | $90,130 | $137,940 | $201,230 | $270,682 |
Source: Ownwell
Property Tax Bills Across Thorndike, Maine
In Thorndike, Waldo County, ME, property tax bills are determined by multiplying the property's assessed value by the local tax rate. The assessed value is an estimation of the property's market value, which can fluctuate based on factors like property size, location, and condition. For instance, with a median home price of $137,940, homeowners can expect varying tax bills. The 25th percentile tax bill is $1,658, while the 75th percentile reaches $3,564, and the 90th percentile can be as high as $4,951. These tax bills are influenced by local government budgets and the services they provide, such as schools, infrastructure, and emergency services. Higher assessed values and tax rates result in higher tax bills, impacting homeowners' annual expenses. In Thorndike, the property tax rate can be compared to the national median property tax rate of 0.99%, highlighting the local tax burden relative to other regions. This calculation ensures that homeowners contribute fairly to community resources based on their property's value.
Average Thorndike Tax Bill
$2,426
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorndike, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04986 | $951 | $1,658 | $2,426 | $3,564 | $4,951 |
Source: Ownwell