Spruce Head, Maine Property Taxes
The median property tax rate in Spruce Head, ME is 1.01%, slightly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $253,200 in Spruce Head, the typical annual property tax bill is $2,612, which is below the national median of $2,690. Property taxes in Spruce Head are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Spruce Head'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 Spruce Head or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spruce Head, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,557
Ownwell’s Spruce Head Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spruce Head with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spruce Head 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 Spruce Head, Maine
Property taxes in Spruce Head, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spruce Head is 1.01%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Spruce Head set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spruce Head 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 Spruce Head's effective property tax rate to other counties in Maine and the national median. For comparison, the 04859 zip code has the highest median property tax rate of 1.01%, while the 04859 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Spruce Head 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 Spruce Head Tax Rate
1.01%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spruce Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04859 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Spruce Head, Maine
In Spruce Head, 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 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 Spruce Head, 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 Spruce Head helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Knox County is $253,200, with annual property tax bills ranging from $1,635 at the 25th percentile to $7,367 at the 90th percentile. Notably, the highest and lowest median tax bills in Spruce Head are both $2,612, found in the 04859 zip code.
Average Spruce Head Assessed Value
$253,200
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 Spruce Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04859 | $118,560 | $161,900 | $253,200 | $425,000 | $713,460 |
Source: Ownwell
Property Tax Bills Across Spruce Head, Maine
In Spruce Head, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which typically reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, in Knox County, where Spruce Head is located, the median home price is $253,200. Homeowners in the 25th percentile can expect a tax bill around $1,635, while those in the 75th percentile might see bills as high as $4,477. The 90th percentile tax bills can reach up to $7,367. These figures indicate a significant range in property tax obligations, influenced by property value and local tax rates. Compared to the national median property tax rate of 0.99%, the tax bills in Spruce Head reflect local economic conditions and property values. Homeowners should be aware of these factors as they directly affect the affordability and financial planning related to their property.
Average Spruce Head Tax Bill
$2,612
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Spruce Head, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04859 | $1,198 | $1,635 | $2,612 | $4,477 | $7,367 |
Source: Ownwell