Denmark, Maine Property Taxes
The median property tax rate in Denmark, ME is 1.36%, which is higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With the median home value in Denmark at $168,310, the typical annual property tax bill reaches $2,348, still below the national median of $2,690. Property taxes in Denmark are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Denmark'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 Denmark 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
Denmark, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$2,289
Ownwell’s Denmark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Denmark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Denmark 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 Denmark, Maine
Property taxes in Denmark, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Denmark is 1.36%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Denmark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Denmark 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 Denmark's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04022 has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Denmark provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Denmark Tax Rate
1.36%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Denmark, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04022 | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Denmark, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Denmark, Maine. 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 Oxford 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 Denmark, 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 highest median tax bill in Denmark is $2,348 in the 04022 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Denmark Assessed Value
$168,310
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Denmark, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04022 | $8,000 | $113,357 | $168,310 | $245,556 | $362,241 |
Source: Ownwell
Property Tax Bills Across Denmark, Maine
In Denmark, located in Oxford 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 tax assessor and reflects the market value of the property. Homeowners in Denmark face property tax bills that vary significantly, with the 25th percentile paying around $1,623 and the 75th percentile reaching up to $3,370. The 90th percentile sees tax bills as high as $4,956. These tax bills are influenced by several factors, including property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, Denmark's rates can result in substantial financial obligations for homeowners. For instance, with a median home price of $168,310, property taxes can significantly impact household budgets. This variability underscores the importance of understanding local tax assessments and their implications on annual expenses for homeowners in Denmark.
Average Denmark Tax Bill
$2,348
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Denmark, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04022 | $164 | $1,623 | $2,348 | $3,370 | $4,956 |
Source: Ownwell