Mount Vernon, Maine Property Taxes
The median property tax rate in Mount Vernon, ME is 1.85%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Mount Vernon at $54,950, the typical annual property tax bill amounts to $1,016, surpassing the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Vernon'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 Vernon 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 Vernon, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,017
Ownwell’s MOUNT VERNON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT VERNON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT VERNON 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 Vernon, Maine
Property taxes in Mount Vernon, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Vernon's effective property tax rate to other counties in Maine and the national median. For comparison, the 04352 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Mount Vernon provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
1.85%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04352 | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Maine
In Mount Vernon, 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 Kennebec 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 Vernon, 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. For example, the median home price in Mount Vernon is $54,950. The property tax bill at the 25th percentile is $586, while at the 75th percentile, it is $1,882. The highest median tax bill in the area is $1,016, found in the 04352 zip code, which also has the lowest median tax bill. By understanding 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 Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Vernon Assessed Value
$54,950
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04352 | $15,980 | $31,700 | $54,950 | $101,700 | $135,400 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Maine
In Mount Vernon, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value and then applies an assessment ratio. This ratio ensures that the assessed value is a specific percentage of the market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the home. For Mount Vernon homeowners, the median home price is $54,950, and property tax bills can vary significantly. The 25th percentile tax bill is around $586, while the 75th percentile reaches up to $1,882, and the 90th percentile can be as high as $2,505. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby influencing both the cost of living and the quality of community resources.
Average Mount Vernon Tax Bill
$1,016
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04352 | $296 | $586 | $1,016 | $1,882 | $2,505 |
Source: Ownwell