New Limerick, Maine Property Taxes
The median property tax rate in New Limerick, ME is 0.75%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in New Limerick at $140,200, the typical annual property tax bill is $1,074, well below the national median of $2,690. Property taxes in New Limerick are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New Limerick's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Limerick or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Limerick, 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 New Limerick Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Limerick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Limerick to project your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Aroostook County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across New Limerick, Maine
Property taxes in New Limerick, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Limerick is 0.75%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within New Limerick set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Limerick 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 New Limerick's effective property tax rate to other counties in Maine and the national median. For comparison, the 04761 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with New Limerick provides valuable insights into the varying tax landscape across Aroostook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Limerick Tax Rate
0.75%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04761 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across New Limerick, Maine
In New Limerick, 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 Aroostook 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. 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 New Limerick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04761 has the highest and lowest median tax bills, both at $1,074.
Average New Limerick Assessed Value
$140,200
Average Aroostook County Assessed Value
$86,999
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04761 | $66,000 | $97,350 | $140,200 | $195,875 | $258,650 |
Source: Ownwell
Property Tax Bills Across New Limerick, Maine
In New Limerick, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The median home price in this area is $140,200. Homeowners can expect their tax bills to vary depending on their property's assessed value, with the 25th percentile tax bill at $730 and the 75th percentile tax bill at $1,482. For those at the higher end, the 90th percentile tax bill can reach up to $1,948. Factors influencing the tax bill include the property’s assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, New Limerick’s tax rate can result in varying tax burdens for homeowners. The highest and lowest median tax bills in the area are both $1,074, found in the zip code 04761. Understanding these elements helps homeowners better anticipate their annual property tax obligations and manage their finances effectively.
Average New Limerick Tax Bill
$1,074
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across New Limerick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04761 | $496 | $730 | $1,074 | $1,482 | $1,948 |
Source: Ownwell