Wells, Maine Property Taxes
The median property tax rate in Wells, ME is 0.60%, significantly lower than both the national median of 0.99% and Maine's state median of 1.57%. With a median home value of $373,140 in Wells, the typical annual property tax bill amounts to $2,235, which is below the national median of $2,690. Property taxes in Wells are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Wells 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
Wells, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$2,239
Ownwell’s Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells 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 Wells, Maine
Property taxes in Wells, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.60%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wells 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 Wells' effective property tax rate to other counties in Maine and the national median. For comparison, the 04090 zip code has the highest median property tax rate of 0.60%, while the same zip code has the lowest median tax rate of 0.60%. Understanding how these cities compare with Wells 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 Wells Tax Rate
0.60%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04090 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wells, 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 Wells, 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 Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wells is $373,140, with tax bills ranging from $820 at the 25th percentile to $5,599 at the 90th percentile. Interestingly, the zip code 04090 has both the highest and lowest median tax bill, standing at $2,235.
Average Wells Assessed Value
$373,140
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 Wells, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04090 | $50,370 | $134,910 | $373,140 | $604,010 | $938,190 |
Source: Ownwell
Property Tax Bills Across Wells, Maine
In Wells, located in York County, ME, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The tax rate, or mill rate, is then applied to this assessed value to determine the annual tax bill. Homeowners in Wells experience a range of tax bills, with the 25th percentile paying around $820 annually, while those in the 75th percentile pay approximately $3,606. At the higher end, the 90th percentile sees tax bills reaching up to $5,599. Several factors influence these tax bills, including the overall market conditions and the specific characteristics of the property, such as size and location. The median home price in Wells is $373,140, which impacts the assessed values and, consequently, the tax bills. Compared to the national median property tax rate of 0.99%, Wells homeowners may find their tax bills vary significantly based on their property's assessed value. This variation can affect homeowners' financial planning and the overall affordability of living in Wells.
Average Wells Tax Bill
$2,235
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04090 | $309 | $820 | $2,235 | $3,606 | $5,599 |
Source: Ownwell