Milbridge, Maine Property Taxes
The median property tax rate in Milbridge, ME is 1.52%, which is considerably higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With the median home value in Milbridge at $110,200, the typical annual property tax bill reaches $1,675, falling below the national median of $2,690. Property taxes in Milbridge are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milbridge'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 Milbridge 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
Milbridge, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,675
Ownwell’s Milbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milbridge 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 Milbridge, Maine
Property taxes in Milbridge, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milbridge is 1.52%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Milbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milbridge 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 Milbridge's effective property tax rate to other counties in Maine and the national median. For comparison, the 04658 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Milbridge 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 Milbridge Tax Rate
1.52%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milbridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04658 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Milbridge, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milbridge, Maine. 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 Milbridge, 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 median home price in Milbridge is $110,200, and the 25th percentile tax bill is $1,148, while the 75th percentile tax bill is $2,624. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milbridge Assessed Value
$110,200
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 Milbridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04658 | $51,240 | $75,550 | $110,200 | $172,600 | $257,380 |
Source: Ownwell
Property Tax Bills Across Milbridge, Maine
In Milbridge, located in Washington 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. Once the assessed value is established, it's multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $110,200, homeowners can expect their property tax bills to vary widely. The tax bill at the 25th percentile is around $1,148, while at the 75th percentile, it rises to approximately $2,624. The 90th percentile sees tax bills as high as $3,913. These figures illustrate the range of property tax burdens homeowners can face. Compared to the national median property tax rate of 0.99%, Milbridge's property tax rates can significantly impact a homeowner's annual expenses, making it crucial for residents to understand how their tax bills are determined and what factors influence them.
Average Milbridge Tax Bill
$1,675
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Milbridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04658 | $779 | $1,148 | $1,675 | $2,624 | $3,913 |
Source: Ownwell