Ocean Park, Maine Property Taxes
The median property tax rate in Ocean Park, ME is 1.22%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Ocean Park at $519,600, the typical annual property tax bill reaches $6,360, far exceeding the national median of $2,690. Property taxes in Ocean Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ocean Park'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 Ocean Park or another part of York County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocean Park, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$6,339
Ownwell’s Ocean Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocean Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocean Park 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 Ocean Park, Maine
Property taxes in Ocean Park, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocean Park is 1.22%, higher than the U.S. national median of 0.99%. Local government entities within Ocean Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocean Park 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 Ocean Park's effective property tax rate to other areas in Maine and the national median. For comparison, the 04063 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Ocean Park 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 Ocean Park Tax Rate
1.22%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocean Park, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04063 | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Ocean Park, Maine
In Ocean Park, 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 Ocean Park, 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 Ocean Park 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 $6,360, found in the zip code 04063.
Average Ocean Park Assessed Value
$519,600
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 Ocean Park, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04063 | $329,140 | $365,800 | $519,600 | $705,700 | $858,800 |
Source: Ownwell
Property Tax Bills Across Ocean Park, Maine
Property tax bills in Ocean Park, located in York County, ME, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. The tax rate, often expressed as a percentage, is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $519,600, homeowners in Ocean Park can expect varying tax bills. The 25th percentile tax bill is around $4,477, while the 75th percentile tax bill reaches $8,638, and the 90th percentile peaks at $10,512. The highest and lowest median tax bills in the area are both recorded at $6,360. These property taxes play a crucial role in funding local services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these factors to better manage their financial planning and understand the value derived from their tax contributions.
Average Ocean Park Tax Bill
$6,360
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocean Park, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04063 | $4,029 | $4,477 | $6,360 | $8,638 | $10,512 |
Source: Ownwell