South Bristol, Maine Property Taxes
The median property tax rate in South Bristol, ME is 0.40%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in South Bristol at $379,200, the typical annual property tax bill is $1,541, which is well below the national median of $2,690. Property taxes in South Bristol are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding South Bristol'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 South Bristol 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
South Bristol, 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 South Bristol Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential owners to estimate their annual property taxes in South Bristol with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in South Bristol to provide an estimate of your property tax bill. This tool offers an insightful understanding of potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across South Bristol, Maine
Property taxes in South Bristol, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Bristol is 0.40%, significantly lower than the U.S. national median of 0.99%. Local government entities within South Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Bristol 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 South Bristol's effective property tax rate to other areas in Lincoln County and the national median. For comparison, the zip code 04568 has the highest median property tax rate of 0.40%, while the same zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with South Bristol 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 South Bristol Tax Rate
0.40%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04568 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across South Bristol, Maine
In South Bristol, 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 South Bristol, 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 South Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in South Bristol are both $1,541, found in zip code 04568.
Average South Bristol Assessed Value
$379,200
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 South Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04568 | $195,020 | $244,200 | $379,200 | $619,100 | $1,257,900 |
Source: Ownwell
Property Tax Bills Across South Bristol, Maine
In South Bristol, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor and reflects the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $379,200, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors that influence the tax bill include property size, location, and improvements made to the property. In South Bristol, tax bills can range significantly, with the 25th percentile at $984 and the 75th percentile at $2,647. The 90th percentile can see tax bills as high as $5,069. These figures highlight the potential variability in tax obligations, impacting homeowners' financial planning. Compared to the national median property tax rate of 0.99%, South Bristol's rates provide a clear perspective on local taxation's impact on residents.
Average South Bristol Tax Bill
$1,541
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across South Bristol, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04568 | $786 | $984 | $1,541 | $2,647 | $5,069 |
Source: Ownwell