Hollis Center, Maine Property Taxes
The median property tax rate in Hollis Center, ME is 1.50%, notably higher than the national median of 0.99% but slightly lower than Maine's state median of 1.57%. With the median home value in Hollis Center at $192,000, the typical annual property tax bill amounts to $2,880, surpassing the national median of $2,690. Property taxes in Hollis Center are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hollis Center'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 Hollis Center 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
Hollis Center, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,880
Ownwell’s Hollis Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollis Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollis Center 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 Hollis Center, Maine
Property taxes in Hollis Center, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollis Center is 1.50%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Hollis Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollis Center 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 Hollis Center's effective property tax rate to other areas within York County and the national median. For comparison, the 04042 zip code has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Hollis Center provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollis Center Tax Rate
1.50%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollis Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04042 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Hollis Center, Maine
In Hollis Center, 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 York 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 Hollis Center, 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. The median home price in Hollis Center is $192,000, with tax bills ranging from $2,270 at the 25th percentile to $4,419 at the 90th percentile. 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 Hollis Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollis Center Assessed Value
$192,000
Average York County Assessed Value
$307,400
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollis Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04042 | $102,908 | $151,305 | $192,000 | $238,475 | $294,626 |
Source: Ownwell
Property Tax Bills Across Hollis Center, Maine
In Hollis Center, located in York 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 local assessor's office and reflects the market value of the property. For example, with a median home price of $192,000, homeowners can expect varying tax bills depending on their property's assessed value and the corresponding tax rate. Factors that influence the tax bill include the property's location, size, and any improvements made. In Hollis Center, the 25th percentile tax bill is $2,270, while the 75th percentile tax bill reaches $3,577. At the 90th percentile, homeowners might see tax bills as high as $4,419. These figures indicate a range of tax burdens, with the median tax bill in the highest and lowest zip codes both being $2,880. For homeowners, understanding these factors is crucial as property taxes directly impact their annual financial obligations. Comparing Hollis Center's tax rates to the national median property tax rate of 0.99% can provide further context on how local taxes stand relative to broader averages.
Average Hollis Center Tax Bill
$2,880
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollis Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04042 | $1,544 | $2,270 | $2,880 | $3,577 | $4,419 |
Source: Ownwell