Minot, Maine Property Taxes
The median property tax rate in Minot, ME is 1.00%, slightly above the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Minot at $168,669, the typical annual property tax bill amounts to $1,703, which is below the national median of $2,690. Property taxes in Minot are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Minot'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 Minot or another part of Androscoggin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minot, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,687
Ownwell’s Minot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minot 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 Minot, Maine
Property taxes in Minot, Maine, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Minot is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Minot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minot 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 Minot's effective property tax rate to other areas in Androscoggin County and the national median. For comparison, the 04258 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these regions compare with Minot provides valuable insights into the varying tax landscape across Androscoggin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minot Tax Rate
1.00%
Average Androscoggin County Tax Rate
2.28%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04258 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Minot, Maine
In Minot, 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 Androscoggin 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 Minot, 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 Minot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $168,669, with tax bills ranging from $1,307 at the 25th percentile to $3,473 at the 90th percentile. The zip code 04258 has the highest median tax bill at $1,703.
Average Minot Assessed Value
$168,669
Average Androscoggin County Assessed Value
$134,490
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04258 | $103,971 | $129,929 | $168,669 | $231,487 | $347,290 |
Source: Ownwell
Property Tax Bills Across Minot, Maine
In Minot, Androscoggin County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, and this rate can vary. For instance, with a median home price of $168,669, the property tax bill can range significantly. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Minot can expect to pay between $1,307 at the 25th percentile and $2,315 at the 75th percentile, with the 90th percentile reaching up to $3,473. Compared to the national median property tax rate of 0.99%, Minot's tax rates reflect the local economic conditions and funding needs for public services. These tax bills directly impact homeowners by contributing to community services like schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Minot Tax Bill
$1,703
Average Androscoggin County Tax Bill
$3,060
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Minot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04258 | $1,040 | $1,307 | $1,703 | $2,315 | $3,473 |
Source: Ownwell