Waltham, Maine Property Taxes
The median property tax rate in Waltham, ME is 1.03%, slightly higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With a median home value of $165,250 in Waltham, the typical annual property tax bill amounts to $1,728, which is below the national median of $2,690. Property taxes in Waltham are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Waltham's property tax system, leveraging available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you're situated in the center of Waltham or another part of the city, understanding the local property tax framework is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Waltham, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,702
Ownwell’s Waltham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waltham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waltham 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 Waltham, Maine
Property taxes in Waltham, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waltham is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Waltham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waltham 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. For comparison, the 04605 zip code has the highest median property tax rate of 1.03%, while the 04605 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Waltham 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 Waltham Tax Rate
1.03%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waltham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Waltham, Maine
In Waltham, 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 Waltham, 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 Waltham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,728, found in zip code 04605.
Average Waltham Assessed Value
$165,250
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 Waltham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $85,039 | $133,438 | $165,250 | $222,000 | $270,600 |
Source: Ownwell
Property Tax Bills Across Waltham, Maine
In Waltham, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $165,250, property owners might expect a tax bill that falls within a range of $1,374 at the 25th percentile to $2,788 at the 90th percentile. These figures reflect the variability in assessed values and tax rates within the region. Several factors influence the property tax bill, including property size, location, and any improvements or modifications made to the property. Homeowners in Waltham can compare their property tax rate to the national median property tax rate of 0.99%. The highest median tax bill in the area is $1,728, which is relatively modest compared to some other regions. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Waltham Tax Bill
$1,728
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Waltham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04605 | $876 | $1,374 | $1,728 | $2,337 | $2,788 |
Source: Ownwell