Reed Plt, Maine Property Taxes
The median property tax rate in Reed Plt, ME is 0.88%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Reed Plt of $46,157, the typical annual property tax bill is $406, significantly below the national median of $2,690. Property taxes in Reed Plt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Reed Plt'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 Reed Plt or another part of Aroostook County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reed Plt, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$406
Ownwell’s REED PLT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REED PLT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REED PLT 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 Reed Plt, Maine
Property taxes in Reed Plt, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reed Plt is 0.88%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Reed Plt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reed Plt 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 Reed Plt's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04497 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Reed Plt 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 Reed Plt Tax Rate
0.88%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reed Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04497 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Reed Plt, Maine
In REED PLT, 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. In REED PLT, 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 REED PLT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 04497, both standing at $406.
Average Reed Plt Assessed Value
$46,157
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 Reed Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04497 | $23,921 | $27,806 | $46,157 | $69,852 | $97,852 |
Source: Ownwell
Property Tax Bills Across Reed Plt, Maine
In Reed Plt, located in Aroostook County, ME, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines this assessed value, which is then multiplied by the local property tax rate to generate the tax bill. For homeowners in Reed Plt, the median home price stands at $46,157. Property tax bills can vary significantly, with the 25th percentile at $245 and the 75th percentile reaching $614. At the higher end, the 90th percentile tax bill is $861. These tax bills are influenced by several factors, including the assessed value of the home and the local tax rate. The highest and lowest median tax bills in the area are both $406, found in the zip code 04497. Compared to the national median property tax rate of 0.99%, homeowners in Reed Plt experience a range of tax burdens that can impact their overall financial planning and homeownership costs. Understanding these factors is essential for homeowners to effectively manage their expenses.
Average Reed Plt Tax Bill
$406
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Reed Plt, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04497 | $211 | $245 | $406 | $614 | $861 |
Source: Ownwell