Amherst, Maine Property Taxes
The median property tax rate in Amherst, ME is 1.41%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Amherst at $89,700, the typical annual property tax bill reaches $1,265, falling below the national median of $2,690. Property taxes in Amherst 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 Amherst'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 Amherst or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amherst, 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 Amherst Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amherst with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amherst 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 Amherst, Maine
Property taxes in Amherst, Maine, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Amherst is 1.41%, higher than the U.S. national median of 0.99%. Local government entities within Amherst set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amherst 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 Amherst's effective property tax rate to other areas in Maine and the national median. For comparison, the 04605 zip code has the highest median property tax rate of 1.41%, while the same zip code also represents the lowest median tax rate of 1.41%. Understanding how these cities compare with Amherst provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amherst Tax Rate
1.41%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amherst, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | 1.41% | 1.41% | 1.41% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Amherst, Maine
In Amherst, 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 Hancock 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 Amherst, 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. For example, the median home price in Amherst is $89,700, with tax bills ranging from $820 at the 25th percentile to $2,423 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,265 in zip code 04605. Being aware of these valuation processes in Amherst helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Amherst Assessed Value
$89,700
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amherst, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $36,720 | $57,900 | $89,700 | $129,100 | $171,840 |
Source: Ownwell
Property Tax Bills Across Amherst, Maine
In Amherst, Hancock County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Amherst is $89,700. Homeowners can expect their property tax bills to vary significantly depending on various factors, including the assessed value of their property and specific exemptions they may qualify for. For instance, the tax bill at the 25th percentile is $820, while it rises to $1,820 at the 75th percentile and reaches $2,423 at the 90th percentile. These property taxes contribute to essential public services such as schools, infrastructure, and emergency services. Comparing Amherst's median tax rate to the national median property tax rate of 0.99%, homeowners in Amherst may find their property taxes to be relatively moderate. Understanding how these taxes are calculated and the factors influencing them can help homeowners better manage their finances and anticipate future tax bills.
Average Amherst Tax Bill
$1,265
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Amherst, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $550 | $820 | $1,265 | $1,820 | $2,423 |
Source: Ownwell