Union, Maine Property Taxes
The median property tax rate in Union, ME is 1.55%, slightly lower than the Maine state median of 1.57% but still significantly higher than the national median of 0.99%. With the median home value in Union at $255,400, the typical annual property tax bill reaches $3,962, far exceeding the national median of $2,690. Property taxes in Union are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Union's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Union or another part of Knox County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Union, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$3,959
Ownwell’s Union Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Union with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union to estimate your property tax bill. This valuable 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 Union, Maine
Property taxes in Union, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other areas in Knox County and the national median. For comparison, the zip code 04862 has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Union 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 Union Tax Rate
1.55%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04862 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Union, Maine
In Union, 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 Union, 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 Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Union’s highest median tax bill is $3962 in the 04862 zip code.
Average Union Assessed Value
$255,400
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 Union, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04862 | $133,040 | $188,000 | $255,400 | $332,300 | $447,980 |
Source: Ownwell
Property Tax Bills Across Union, Maine
In Union, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Knox County. The assessed value is determined by the local assessor's office, which evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $255,400 in Union, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Property tax bills in Union exhibit a range, with the 25th percentile at $2,928, the 75th percentile at $5,172, and the 90th percentile reaching $6,944. This variability highlights how different factors, such as property size, improvements, and market conditions, can influence the final tax amount. Homeowners in Union should be aware of these factors, as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Union's property tax rates reflect the local economic conditions and funding needs.
Average Union Tax Bill
$3,962
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04862 | $2,154 | $2,928 | $3,962 | $5,172 | $6,944 |
Source: Ownwell