Hulls Cove, Maine Property Taxes
The median property tax rate in Hulls Cove, ME is 1.50%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Hulls Cove at $135,400, the typical annual property tax bill reaches $2,036, exceeding the national median of $2,690. Property taxes in Hulls Cove 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 Hulls Cove'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 Hulls Cove 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
Hulls Cove, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,031
Ownwell’s Hulls Cove Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Hulls Cove. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hulls Cove to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by Hancock County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Hulls Cove, Maine
Property taxes in Hulls Cove, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hulls Cove is 1.50%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Hulls Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hulls Cove 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 Hulls Cove's effective property tax rate to other counties in Maine and the national median. For comparison, the 04644 zip code has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Hulls Cove 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 Hulls Cove Tax Rate
1.50%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hulls Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04644 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Hulls Cove, Maine
In Hulls Cove, 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 Hulls Cove, 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 Hulls Cove is $135,400, and the median tax bill is $2,036, which is significantly higher than the national median property tax rate of 0.99%. The zip code 04644 has both the highest and lowest median tax bill at $2,036. 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 Hulls Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hulls Cove Assessed Value
$135,400
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 Hulls Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04644 | $135,400 | $135,400 | $135,400 | $135,400 | $135,400 |
Source: Ownwell
Property Tax Bills Across Hulls Cove, Maine
In Hulls Cove, 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 tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate, which is expressed as a percentage, is applied to this value to determine the annual tax bill. For Hulls Cove, the median home price stands at $135,400. With a consistent tax rate, homeowners can expect a median property tax bill of approximately $2,036. This figure remains the same across different percentiles, indicating a stable tax environment. Comparatively, the national median property tax rate is 0.99%, highlighting that Hulls Cove's tax rate is relatively higher. This impacts homeowners by potentially increasing their annual expenses, making it essential for them to budget accordingly. Understanding these factors can help residents manage their finances and plan for future property-related costs.
Average Hulls Cove Tax Bill
$2,036
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hulls Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04644 | $2,036 | $2,036 | $2,036 | $2,036 | $2,036 |
Source: Ownwell