Corea, Maine Property Taxes
The median property tax rate in Corea, ME is 1.23%, higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Corea at $243,350, the typical annual property tax bill reaches $2,981, surpassing the national median of $2,690. Property taxes in Corea 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 Corea'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 Corea or elsewhere in the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corea, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,993
Ownwell’s Corea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corea 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 Corea, Maine
Property taxes in Corea, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corea is 1.23%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Corea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corea 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 Corea's effective property tax rate to other counties in Maine and the national median. For comparison, the 04624 zip code has both the highest and lowest median property tax rate of 1.23%. Understanding how these areas compare with Corea 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 Corea Tax Rate
1.23%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corea, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04624 | 1.22% | 1.22% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Corea, Maine
In Corea, 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 local 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 Corea, 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 Corea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Corea are both $2,981, found in the 04624 zip code.
Average Corea Assessed Value
$243,350
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 Corea, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04624 | $132,850 | $161,775 | $243,350 | $363,175 | $411,350 |
Source: Ownwell
Property Tax Bills Across Corea, Maine
In Corea, located in Hancock County, ME, property tax bills are determined by assessing the market value of a property and applying the local tax rate to that value. The median home price in this area is $243,350, and property tax rates are influenced by various factors, including local government budgets and the services provided to the community. Homeowners in Corea can expect tax bills to vary significantly, with the 25th percentile tax bill at $1,982 and the 75th percentile reaching $4,449. At the 90th percentile, tax bills can be as high as $5,039. The property tax rate in Corea is notably higher than the national median property tax rate of 0.99%, reflecting the specific needs and budgetary requirements of Hancock County. For homeowners, this means that property taxes can represent a substantial portion of their annual expenses, impacting their overall financial planning. The highest median tax bill in the area is $2,981, found in the 04624 zip code, which underscores the variability in tax obligations within the region.
Average Corea Tax Bill
$2,981
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Corea, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04624 | $1,628 | $1,982 | $2,981 | $4,449 | $5,039 |
Source: Ownwell