Boothbay Harbor, Maine Property Taxes
The median property tax rate in Boothbay Harbor, ME is 0.89%, slightly below the national median of 0.99% and significantly lower than the Maine state median of 1.57%. With the median home value in Boothbay Harbor at $315,250, the typical annual property tax bill reaches $2,822, just under the national median of $2,690. Property taxes in Boothbay Harbor 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 Boothbay Harbor'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 Boothbay Harbor 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
Boothbay Harbor, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Boothbay Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boothbay Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boothbay Harbor 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 Boothbay Harbor, Maine
Property taxes in Boothbay Harbor, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boothbay Harbor is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Boothbay Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boothbay Harbor 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 Boothbay Harbor's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 04538 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Boothbay Harbor provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boothbay Harbor Tax Rate
0.89%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04538 | 0.89% | 0.89% | 0.89% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Boothbay Harbor, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Boothbay Harbor, ME. The market value represents 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 Lincoln 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 Boothbay Harbor, 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 Boothbay Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04538 has both the highest and lowest median tax bill at $2,822. The 25th percentile tax bill is $1,993, while the 75th percentile tax bill is $4,324, and the 90th percentile tax bill is $8,037.
Average Boothbay Harbor Assessed Value
$315,250
Average Lincoln County Assessed Value
$224,290
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04538 | $161,910 | $222,150 | $315,250 | $483,075 | $898,020 |
Source: Ownwell
Property Tax Bills Across Boothbay Harbor, Maine
Property tax bills in Boothbay Harbor, located in Lincoln County, ME, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Homeowners in Boothbay Harbor experience a range of property tax bills, with the 25th percentile paying around $1,993 and the 75th percentile paying approximately $4,324. At the higher end, the 90th percentile of homeowners face tax bills reaching up to $8,037. Several factors influence these tax bills, including the property’s assessed value, local tax rates, and any applicable exemptions. The median home price in Boothbay Harbor stands at $315,250, which helps contextualize the property tax amounts. Compared to the national median property tax rate of 0.99%, Boothbay Harbor's property taxes can be significant, affecting homeowners by increasing their annual housing costs. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate their tax obligations.
Average Boothbay Harbor Tax Bill
$2,822
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Boothbay Harbor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04538 | $1,449 | $1,993 | $2,822 | $4,324 | $8,037 |
Source: Ownwell