Westport Island, Maine Property Taxes
The median property tax rate in Westport Island, ME is 0.83%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Westport Island, the typical annual property tax bill reaches $2,171, which is below the national median of $2,690. Property taxes in Westport Island 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 Westport Island'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 Westport Island 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
Westport Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,171
Ownwell’s Westport Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westport Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westport Island 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 Westport Island, Maine
Property taxes in Westport Island, Maine, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Westport Island is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Westport Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westport Island 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 Westport Island's effective property tax rate to other regions in Maine and the national median. For comparison, the zip code 04578, which includes Westport Island, has a median property tax rate of 0.83%. Understanding how these cities compare with Westport Island 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 Westport Island Tax Rate
0.83%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westport Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04578 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Westport Island, Maine
In Westport Island, 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 Westport Island, 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. The median home price in Westport Island is $261,590, with tax bills ranging from $1,441 at the 25th percentile to $5,514 at the 90th percentile. The zip code 04578 has the highest and lowest median tax bill of $2,171. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westport Island Assessed Value
$261,590
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 Westport Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04578 | $128,501 | $172,459 | $261,590 | $467,424 | $653,452 |
Source: Ownwell
Property Tax Bills Across Westport Island, Maine
In Westport Island, 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 town’s assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $261,590, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,441, while those at the 75th percentile could see bills as high as $3,956. In some cases, tax bills can reach up to $5,514 at the 90th percentile. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Homeowners in Westport Island should be aware of how their property’s assessed value and the local tax rate affect their annual tax obligations, as these can impact their overall financial planning and homeownership costs.
Average Westport Island Tax Bill
$2,171
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Westport Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04578 | $1,092 | $1,441 | $2,171 | $3,956 | $5,514 |
Source: Ownwell