Lebanon, Maine Property Taxes
The median property tax rate in Lebanon, ME is 0.92%, slightly below the national median of 0.99% and significantly lower than the Maine state median of 1.57%. With a median home value of $297,309 in Lebanon, the typical annual property tax bill reaches $2,744, which is just under the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence exemption. Understanding Lebanon'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 Lebanon 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
Lebanon, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell's Lebanon Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lebanon, ME with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Lebanon to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular insights, you can scroll down to find localized information at the neighborhood level. Your property's assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lebanon, Maine
Property taxes in Lebanon, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary across different neighborhoods. Each year, Lebanon 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. For comparison, the zip code 04027 has both the highest and lowest median property tax rate in the area, standing at 0.92%. Understanding how these areas compare with Lebanon 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 Lebanon Tax Rate
0.92%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04027 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Maine
In Lebanon, 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 Lebanon, 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 Lebanon is $297,309, with tax bills ranging from $2,096 at the 25th percentile to $4,425 at the 90th percentile. The highest and lowest median tax bills are both $2,744 in the 04027 zip code. 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lebanon Assessed Value
$297,309
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 Lebanon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04027 | $148,468 | $226,374 | $297,309 | $379,509 | $480,110 |
Source: Ownwell
Property Tax Bills Across Lebanon, Maine
In Lebanon, located in York County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Lebanon can expect their property taxes to be influenced by the median home price, which is $297,309. The assessed value is a critical factor, as it determines the taxable amount of the property. For instance, homeowners in the 25th percentile pay around $2,096 annually, while those in the 75th percentile face bills of approximately $3,494. At the higher end, in the 90th percentile, tax bills can reach up to $4,425. The local tax rate, when applied to the assessed value, generates the final tax bill. This rate can vary, but it significantly impacts how much each homeowner owes. Compared to the national median property tax rate of 0.99%, homeowners in Lebanon might find their rates varying based on specific local assessments and valuations. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their financial planning more effectively.
Average Lebanon Tax Bill
$2,744
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04027 | $1,395 | $2,096 | $2,744 | $3,494 | $4,425 |
Source: Ownwell