Great Pond, Maine Property Taxes
The median property tax rate in Great Pond, ME is 0.52%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Great Pond of $86,350, the typical annual property tax bill amounts to $449, which is well below the national median of $2,690. Property taxes in Great Pond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Great Pond's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Great Pond or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Great Pond, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$449
Ownwell’s GREAT POND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREAT POND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREAT POND 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 Great Pond, Maine
Property taxes in Great Pond, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Great Pond is 0.52%, which is lower than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Great Pond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great Pond 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 Great Pond's effective property tax rate to other counties in Maine and the national median. For comparison, the 04408 zip code has the highest median property tax rate of 0.52%, while the 04408 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Great Pond 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 Great Pond Tax Rate
0.52%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Great Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04408 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Great Pond, Maine
In Great Pond, 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 Great Pond, 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. The median home price in Great Pond is $86,350, with tax bills ranging significantly. Notably, the highest median tax bill is $449 in zip code 04408. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Great Pond Assessed Value
$86,350
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 Great Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04408 | $14,430 | $39,050 | $86,350 | $123,250 | $192,020 |
Source: Ownwell
Property Tax Bills Across Great Pond, Maine
In Great Pond, Hancock County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects the market value of the property. Homeowners in Great Pond can expect property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is $203, while at the 75th percentile, it rises to $641. At the 90th percentile, homeowners might see a tax bill as high as $998. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, the median home price in Great Pond is $86,350. This relatively low home price can result in lower tax bills, but individual circumstances will vary. Homeowners should be aware that these taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in their community.
Average Great Pond Tax Bill
$449
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Great Pond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04408 | $75 | $203 | $449 | $641 | $998 |
Source: Ownwell