Trescott Twp, Maine Property Taxes
The median property tax rate in Trescott 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 the median home value in Trescott Twp, the typical annual property tax bill is $1,051, significantly below the national median of $2,690. Property taxes in Trescott Twp are calculated based on the assessed value, which usually falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Trescott Twp'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 Trescott Twp 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
Trescott Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,051
Ownwell’s Trescott Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trescott Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trescott 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 Trescott Twp, Maine
Property taxes in Trescott Twp, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trescott Twp is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Trescott Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trescott 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 Trescott Twp's effective property tax rate to other counties in Maine and the national median. For comparison, the 04652 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Trescott 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 Trescott 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 Trescott Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Trescott Twp, Maine
In Trescott 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 Washington 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 Trescott 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,051 in the 04652 zip code, while the 25th percentile tax bill is $446 and the 75th percentile tax bill is $1,477.
Average Trescott Twp Assessed Value
$123,660
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 Trescott Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | $30,282 | $52,530 | $123,660 | $173,765 | $236,569 |
Source: Ownwell
Property Tax Bills Across Trescott Twp, Maine
In Trescott Township, 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 local assessor's office and reflects the market value of the property. Homeowners in Trescott Township, located in Washington County, ME, face a property tax rate that translates to various tax bills depending on their property's value. For instance, the median home price in the area is $123,660. Factors such as the property's size, location, and condition can influence its assessed value, thereby affecting the tax bill. In this region, the 25th percentile tax bill is $446, while the 75th percentile reaches up to $1,477. The 90th percentile tax bill, which represents the higher end, is $2,011. These variations show how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Trescott Township experience a range of tax bills that reflect the local economic conditions and property values.
Average Trescott Twp Tax Bill
$1,051
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Trescott Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04652 | $257 | $446 | $1,051 | $1,477 | $2,011 |
Source: Ownwell