Hope, Maine Property Taxes
The median property tax rate in Hope, ME is 1.71%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Hope at $207,050, the typical annual property tax bill reaches $3,554, exceeding the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$3,541
Ownwell’s Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope, Maine
Property taxes in Hope, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other areas in Maine and the national median. For comparison, the 04847 zip code has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
1.71%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04847 | 1.71% | 1.71% | 1.71% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hope, Maine. 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 Knox 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 Hope, 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. The median home price in Hope is $207,050, with tax bills ranging from $2,625 at the 25th percentile to $6,206 at the 90th percentile. The zip code 04847 has the highest and lowest median tax bill at $3,554. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hope Assessed Value
$207,050
Average Knox County Assessed Value
$198,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04847 | $103,810 | $153,075 | $207,050 | $276,050 | $362,000 |
Source: Ownwell
Property Tax Bills Across Hope, Maine
In Hope, located in Knox County, ME, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. For homeowners in Hope, the median home price is $207,050. Property tax bills vary significantly, with the 25th percentile at $2,625 and the 75th percentile at $4,734. At the higher end, the 90th percentile tax bill reaches $6,206. The highest and lowest median tax bills in the area are both $3,554, found in the 04847 zip code. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hope’s property tax rates can result in substantial annual costs for homeowners. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these variables helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Hope Tax Bill
$3,554
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04847 | $1,780 | $2,625 | $3,554 | $4,734 | $6,206 |
Source: Ownwell