Forest City Twp, Maine Property Taxes
The median property tax rate in Forest City Twp, ME is 0.85%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $137,945 in Forest City Twp, the typical annual property tax bill is $1,172, falling short of the national median of $2,690. Property taxes in Forest City Twp are calculated based on the tax assessed value, which often comes in below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Forest City Twp's property tax system, exploring available exemptions, and finding ways to reduce your tax burden can result in substantial annual savings. Whether you're located in the heart of Forest City Twp or another area within Washington County, mastering the local property tax system will benefit both homeowners and real estate investors alike.
Last Updated June 14, 2024
Forest City Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,173
Ownwell’s Forest City Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest City Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest City 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 Forest City Twp, Maine
Property taxes in Forest City Twp, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest City Twp is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Forest City Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest City 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 Forest City Twp's effective property tax rate to other areas in Washington County and the national median. For comparison, the zip code 04413 has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these areas compare with Forest City Twp provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest City Twp Tax Rate
0.85%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest City Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Forest City Twp, Maine
In Forest City Twp, 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 Forest City Twp, 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 Forest City Twp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04413, with a median tax bill of $1172.
Average Forest City Twp Assessed Value
$137,945
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest City Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | $116,933 | $124,498 | $137,945 | $164,552 | $195,805 |
Source: Ownwell
Property Tax Bills Across Forest City Twp, Maine
In Forest City Township, Washington County, ME, property tax bills are a crucial aspect of homeownership. The tax bill calculation begins with the assessed value of a property, which is determined by local assessors based on various factors, including the property's market value, location, and condition. Once the assessed value is established, the local tax rate is applied. For instance, with a median home price of $137,945, homeowners can expect their property tax bills to vary. The 25th percentile tax bill is around $1,058, while the 75th percentile reaches $1,398, and the 90th percentile can go up to $1,664. These figures illustrate the range of potential tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Forest City Township to understand how local rates and property values impact their annual expenses. This knowledge is vital for budgeting and financial planning, ensuring homeowners are prepared for their property tax obligations.
Average Forest City Twp Tax Bill
$1,172
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest City Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | $994 | $1,058 | $1,172 | $1,398 | $1,664 |
Source: Ownwell