Bangor, Maine Property Taxes
The median property tax rate in Bangor, ME is 1.92%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Bangor at $182,700, the typical annual property tax bill reaches $3,488, exceeding the national median of $2,690. Property taxes in Bangor 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 Bangor'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 Bangor 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
Bangor, 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 Bangor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bangor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bangor 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 Bangor, Maine
Property taxes in Bangor, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bangor is 1.92%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bangor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bangor 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 Bangor's effective property tax rate to other areas in Penobscot County and the national median. For comparison, the zip code 04402 has the highest median property tax rate of 2.09%, while zip code 04401 has the lowest median tax rate of 1.92%. Understanding how these areas compare with Bangor provides valuable insights into the varying tax landscape across Penobscot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bangor Tax Rate
1.92%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bangor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | 1.91% | 1.91% | 1.92% | 1.92% | 1.92% |
| 04402 | 2.09% | 2.09% | 2.09% | 2.09% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Bangor, Maine
In Bangor, 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 Penobscot 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 Bangor, 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 Bangor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04401 at $3,489, while the lowest is 04402 at $121.
Average Bangor Assessed Value
$182,700
Average Penobscot County Assessed Value
$141,580
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bangor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $76,340 | $139,300 | $182,700 | $242,900 | $337,120 |
| 04402 | $5,800 | $5,800 | $5,800 | $5,800 | $5,800 |
Source: Ownwell
Property Tax Bills Across Bangor, Maine
In Bangor, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Penobscot County. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $182,700 in Bangor, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,660, while those in the 75th percentile pay approximately $4,627. At the 90th percentile, the tax bill can reach up to $6,434. These figures show that property taxes can significantly impact homeowners, with the highest median tax bill in the 04401 zip code reaching $3,489. Conversely, the lowest median tax bill in the 04402 zip code is just $121. This variability underscores the importance of understanding how local factors influence property tax obligations.
Average Bangor Tax Bill
$3,488
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bangor, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $1,453 | $2,660 | $3,489 | $4,627 | $6,435 |
| 04402 | $121 | $121 | $121 | $121 | $121 |
Source: Ownwell