Corea, Hancock County, Maine Property Taxes
Median Corea, ME effective property tax rate: 1.23%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Corea, ME home value: $243,350
Median annual Corea, ME tax bill: $2,981, $581 higher than the national median property tax bill of $2,400.
How are property taxes in Hancock County calculated?
Property taxes in Corea, ME are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Corea’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Corea, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Corea, Hancock County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.23%
Estimate Property Tax Bill
$2,993
$2,778
Ownwell’s Corea Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Corea with just two data points.
By entering your property's estimated assessed value, our calculator applies Corea’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Hancock County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Corea, Hancock County, Maine
Local government entities determine tax rates, which can differ significantly across a state. This variation occurs because each county annually calculates its budgetary needs to provide essential services and then divides this amount by the total assessed value of all taxable properties within its jurisdiction. This process establishes the property tax rate. While votes and legislation play roles in setting these rates and budgets, this is the fundamental annual procedure.
Below, you can compare Corea’s effective property tax rate to other cities in Maine and the median property tax rates in Maine and the U.S. With a median property tax rate of 1.23%, Maine's rates are above the national median of 1.02%. This means homeowners in Corea, Hancock County, generally face higher property tax rates compared to the national average. Understanding these rates can help residents make informed decisions about property ownership and management, ensuring they are well-prepared for their financial responsibilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Corea Tax Rate
1.23%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hancock County Tax Rate
1.23%
Median Effective Maine Tax Rate
1.57%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Corea, Hancock County, 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, Hancock County, Maine
When examining property taxes in Corea, ME, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hancock County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Hancock County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Corea.
For example, the median home price in Corea is $243,350, with tax bills ranging significantly across the county. Zip code 04624 has the highest median home price at $243,350.
Property Tax Assessment Values Across Corea, Hancock County, Maine
Source: Ownwell
$67,000
$311,200
$555,400
Median Corea Market Value
$243,350
Median Hancock County Market Value
$205,850
Median Maine Market Value
$204,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Corea, Hancock County, 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, Hancock County, Maine
Median Corea Tax Bill
$2,981
Median Hancock County Tax Bill
$2,609
Median Maine Tax Bill
$3,200
Median United States Tax Bill
$2,400
Property Tax Bills Across Corea, Hancock County, 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