Mount Desert, Maine Property Taxes
The median property tax rate in Mount Desert, ME is 0.87%, below both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Mount Desert at $555,400, the typical annual property tax bill reaches $4,843, significantly exceeding the national median of $2,690. Property taxes in Mount Desert are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Desert'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 Mount Desert 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
Mount Desert, 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 Mount Desert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Desert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Desert 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 Mount Desert, Maine
Property taxes in Mount Desert, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Desert is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Desert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Desert 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 Mount Desert's effective property tax rate to other areas in Hancock County and the national median. For comparison, the 04660 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Mount Desert 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 Mount Desert Tax Rate
0.87%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Desert, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04660 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Mount Desert, Maine
In Mount Desert, 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 Mount Desert, 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 Mount Desert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04660 has the highest and lowest median tax bill at $4,843. With a median home price of $555,400, the tax bill at the 25th percentile is $3,396, while at the 75th percentile, it rises to $8,525.
Average Mount Desert Assessed Value
$555,400
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 Mount Desert, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04660 | $291,080 | $389,400 | $555,400 | $977,600 | $1,944,340 |
Source: Ownwell
Property Tax Bills Across Mount Desert, Maine
In Mount Desert, Hancock County, ME, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines this value, which is ideally close to the market value. Homeowners' tax bills are then derived by applying the local tax rate to the assessed value. For instance, the median home price in Mount Desert is $555,400. Several factors influence these tax bills, including property size, location, and any improvements made. The tax bill can vary significantly, with the 25th percentile at $3,396 and the 75th percentile at $8,525, reflecting the diversity in property values. At the 90th percentile, the tax bill can reach as high as $16,954. This system ensures that property taxes are proportionate to the property's value, impacting homeowners by correlating their tax obligations with their property's worth. Compared to the national median property tax rate of 0.99%, Mount Desert's property taxes are reflective of its higher property values.
Average Mount Desert Tax Bill
$4,843
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Desert, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04660 | $2,538 | $3,396 | $4,843 | $8,525 | $16,954 |
Source: Ownwell