Bucksport, Maine Property Taxes
The median property tax rate in Bucksport, ME is 1.69%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Bucksport, the typical annual property tax bill reaches $2,152, exceeding the national median of $2,690. Property taxes in Bucksport 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 Bucksport'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 Bucksport 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
Bucksport, 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 Bucksport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bucksport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bucksport 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 Bucksport, Maine
Property taxes in Bucksport, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bucksport is 1.69%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Bucksport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bucksport 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 Bucksport's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04416 has the highest median property tax rate of 1.69%, while the same zip code also has the lowest median tax rate of 1.69%. Understanding how these areas compare with Bucksport 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 Bucksport Tax Rate
1.69%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bucksport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | 1.69% | 1.69% | 1.69% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Bucksport, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bucksport, Maine. 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 Bucksport, 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. The median home price in Bucksport is $128,040, with tax bills ranging from $1,593 at the 25th percentile to $3,459 at the 90th percentile. The highest and lowest median tax bills are both $2,152, occurring in the 04416 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bucksport Assessed Value
$128,040
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 Bucksport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | $65,125 | $95,400 | $128,040 | $166,785 | $206,340 |
Source: Ownwell
Property Tax Bills Across Bucksport, Maine
In Bucksport, located in Hancock County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor’s office and is supposed to reflect the market value of the property. Homeowners in Bucksport can expect their property tax bill to be influenced by various factors, including the property’s location, size, and condition. For instance, the median home price in Bucksport is $128,040. Property tax rates in this area can result in a tax bill ranging from the 25th percentile at $1,593 to the 75th percentile at $2,786, with the 90th percentile reaching up to $3,459. The highest and lowest median tax bills in Bucksport are both $2,152, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Bucksport’s property taxes can significantly impact homeowners, influencing their annual expenses and potentially affecting their financial planning.
Average Bucksport Tax Bill
$2,152
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bucksport, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04416 | $1,103 | $1,593 | $2,152 | $2,786 | $3,459 |
Source: Ownwell