Lovell, Maine Property Taxes
The median property tax rate in Lovell, ME is 1.00%, slightly above the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Lovell, the typical annual property tax bill amounts to $1,569, which is below the national median of $2,690. Property taxes in Lovell are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lovell'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 Lovell or another part of Oxford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lovell, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,569
Ownwell’s Lovell Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lovell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovell to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular trends, localized information at the neighborhood level is available as you scroll down. Your property’s assessed value, determined by Oxford County, is the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Lovell, Maine
Property taxes in Lovell, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovell is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Lovell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovell 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 Lovell's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04051 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Lovell 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 Lovell Tax Rate
1.00%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04051 | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Lovell, Maine
In Lovell, 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 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 Lovell, 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 Lovell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lovell, the median home price is $156,900, with the highest and lowest median tax bills both at $1,569 in the 04051 zip code.
Average Lovell Assessed Value
$156,900
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 Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04051 | $77,000 | $108,200 | $156,900 | $235,300 | $351,620 |
Source: Ownwell
Property Tax Bills Across Lovell, Maine
In Lovell, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $156,900, homeowners in Lovell can expect varying tax bills. The tax bill at the 25th percentile is around $1,079, while those at the 75th percentile pay approximately $2,353. At the higher end, the 90th percentile tax bill reaches up to $3,516. These figures indicate that property taxes in Lovell can significantly impact homeowners, depending on the value of their property. The highest and lowest median tax bills in the area are both $1,569, reflecting consistent tax rates across different properties. Compared to the national median property tax rate of 0.99%, Lovell's property taxes can be considered relatively moderate.
Average Lovell Tax Bill
$1,569
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04051 | $770 | $1,079 | $1,569 | $2,353 | $3,516 |
Source: Ownwell