Southwest Harbor, Maine Property Taxes
The median property tax rate in Southwest Harbor, ME is 1.47%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Southwest Harbor at $233,500, the typical annual property tax bill reaches $3,432, surpassing the national median of $2,690. Property taxes in Southwest Harbor 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 Southwest Harbor'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 Southwest Harbor 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
Southwest Harbor, 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 Southwest Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southwest Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southwest Harbor 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 Southwest Harbor, Maine
Property taxes in Southwest Harbor, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southwest Harbor is 1.47%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Southwest Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southwest Harbor 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 Southwest Harbor's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04679 in Hancock County has the highest median property tax rate of 1.47%, and the lowest median tax rate is also 1.47% in the same zip code. Understanding how these areas compare with Southwest Harbor 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 Southwest Harbor Tax Rate
1.47%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southwest Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04679 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Southwest Harbor, Maine
In Southwest Harbor, 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. 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 Southwest Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04679, both at $3,432, compared to the national median property tax rate of 0.99%.
Average Southwest Harbor Assessed Value
$233,500
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 Southwest Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04679 | $124,840 | $185,550 | $233,500 | $314,675 | $417,150 |
Source: Ownwell
Property Tax Bills Across Southwest Harbor, Maine
In Southwest Harbor, located in Hancock County, ME, property tax bills are determined through a combination of the property's assessed value and the local tax rate. The assessed value is an estimation of the property's market value, which serves as the basis for calculating the tax bill. Homeowners in Southwest Harbor typically see a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $2,728, while those in the 75th percentile pay approximately $4,626. The highest median tax bill in the area is $3,432, found in the 04679 zip code. These tax bills can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. The property tax rate in Southwest Harbor can sometimes exceed this national median, leading to higher financial obligations for homeowners. Understanding these factors helps residents anticipate their tax bills and manage their budgets more effectively.
Average Southwest Harbor Tax Bill
$3,432
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Southwest Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04679 | $1,808 | $2,728 | $3,432 | $4,626 | $6,094 |
Source: Ownwell