Bernard, Maine Property Taxes
The median property tax rate in Bernard, ME is 1.16%, considerably higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With a median home value of $248,450 in Bernard, the typical annual property tax bill reaches $2,904, exceeding the national median of $2,690. Property taxes in Bernard 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 Bernard'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 Bernard 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
Bernard, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$2,882
Ownwell’s Bernard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bernard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bernard 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 Bernard, Maine
Property taxes in Bernard, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bernard is 1.16%, notably higher than the U.S. national median of 0.99%. Local government entities within Bernard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bernard 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 Bernard's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04612 has both the highest and lowest median property tax rate of 1.16%. Understanding how these areas compare with Bernard 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 Bernard Tax Rate
1.16%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bernard, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04612 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Bernard, Maine
In Bernard, 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 Bernard, 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 Bernard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04612 has both the highest and lowest median tax bill, valued at $2,904.
Average Bernard Assessed Value
$248,450
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 Bernard, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04612 | $152,450 | $188,925 | $248,450 | $340,900 | $629,650 |
Source: Ownwell
Property Tax Bills Across Bernard, Maine
In Bernard, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Homeowners in Bernard face a median property tax rate of 0.99%, which is on par with the national median. Several factors influence the final tax bill, including property size, location, and any improvements made to the home. For instance, the median home price in Bernard is $248,450. Homeowners in the 25th percentile pay around $2,199 annually, while those in the 75th percentile see bills closer to $4,112. At the 90th percentile, property tax bills can soar to $7,767. These taxes fund essential local services like schools, police, and infrastructure, directly impacting the community's quality of life. While property taxes can be a significant expense, they are crucial for maintaining and improving public services in Bernard.
Average Bernard Tax Bill
$2,904
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bernard, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04612 | $1,774 | $2,199 | $2,904 | $4,112 | $7,767 |
Source: Ownwell