Pemaquid, Maine Property Taxes
The median property tax rate in Pemaquid, ME is 0.72%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Pemaquid at $271,000, the typical annual property tax bill is $1,951, which is below the national median of $2,690. Property taxes in Pemaquid 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 Pemaquid'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 Pemaquid 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
Pemaquid, 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 Pemaquid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pemaquid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pemaquid 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 Pemaquid, Maine
Property taxes in Pemaquid, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pemaquid is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Pemaquid set these rates annually, and they can vary across different neighborhoods. Each year, Pemaquid 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 Pemaquid's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 04558 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Pemaquid 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 Pemaquid Tax Rate
0.72%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pemaquid, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04558 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Pemaquid, Maine
In Pemaquid, 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 Pemaquid, 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 Pemaquid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,951, found in the zip code 04558.
Average Pemaquid Assessed Value
$271,000
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 Pemaquid, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04558 | $103,720 | $188,000 | $271,000 | $396,200 | $627,140 |
Source: Ownwell
Property Tax Bills Across Pemaquid, Maine
In Pemaquid, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and is intended to reflect the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $271,000 in Pemaquid, homeowners can expect varying tax bills. The 25th percentile of tax bills is around $1,354, while the 75th percentile reaches $2,853. At the 90th percentile, tax bills can go up to $4,516. These figures indicate a range of potential costs that homeowners might face, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, homeowners in Pemaquid may find their tax bills to be relatively manageable, although individual experiences can vary significantly. Understanding these factors can help homeowners in Pemaquid better anticipate and plan for their annual property tax obligations.
Average Pemaquid Tax Bill
$1,951
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Pemaquid, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04558 | $747 | $1,354 | $1,951 | $2,853 | $4,516 |
Source: Ownwell