Monhegan, Maine Property Taxes
The median property tax rate in Monhegan, ME is 0.69%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Monhegan at $484,646, the typical annual property tax bill reaches $3,344, exceeding the national median of $2,690. Property taxes in Monhegan 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 Monhegan'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 Monhegan 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
Monhegan, 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 Monhegan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monhegan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monhegan 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 Monhegan, Maine
Property taxes in Monhegan, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monhegan is 0.69%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Monhegan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monhegan 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 Monhegan's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 04852 has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Monhegan 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 Monhegan Tax Rate
0.69%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04852 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Monhegan, Maine
In Monhegan, 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 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 Monhegan, 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 Monhegan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04852, both with a median tax bill of $3,344.
Average Monhegan Assessed Value
$484,646
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 Monhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04852 | $307,578 | $384,276 | $484,646 | $560,910 | $616,226 |
Source: Ownwell
Property Tax Bills Across Monhegan, Maine
In Monhegan, Lincoln County, ME, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local assessor and reflects the estimated market value of the property. Homeowners in Monhegan can expect a median property tax bill of $3,344, which aligns with the highest and lowest median tax bills in the area, both recorded at $3,344 in the 04852 zip code. This figure is notably higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include property size, location, and market conditions. Tax bills can range significantly, with the 25th percentile at $2,652, the 75th percentile at $3,870, and the 90th percentile reaching $4,252. These taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, higher property taxes mean more significant financial considerations, impacting overall affordability and long-term investment in the property.
Average Monhegan Tax Bill
$3,344
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Monhegan, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04852 | $2,123 | $2,652 | $3,344 | $3,870 | $4,252 |
Source: Ownwell