Carmel, Maine Property Taxes
The median property tax rate in Carmel, ME is 1.26%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Carmel at $191,800, the typical annual property tax bill reaches $2,416, which is below the national median of $2,690. Property taxes in Carmel 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 Carmel'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 Carmel 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
Carmel, 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 Carmel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carmel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmel 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 Carmel, Maine
Property taxes in Carmel, Maine, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carmel is 1.26%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmel 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 Carmel's effective property tax rate to other counties in Maine and the national median. For comparison, the 04419 zip code has the highest median property tax rate of 1.26%, while the 04419 zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Carmel provides valuable insights into the varying tax landscape across Penobscot, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmel Tax Rate
1.26%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmel, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04419 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Carmel, Maine
In Carmel, 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 Carmel, 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 Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Carmel are both $2,416, found in the zip code 04419.
Average Carmel Assessed Value
$191,800
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 Carmel, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04419 | $62,860 | $122,625 | $191,800 | $248,775 | $297,010 |
Source: Ownwell
Property Tax Bills Across Carmel, Maine
In Carmel, Penobscot 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 assessor’s office and is meant to reflect the market value of the property. Homeowners in Carmel face a median home price of $191,800. Property tax rates in this area can vary, leading to different tax bills for homeowners. For instance, tax bills range from the 25th percentile at $1,546 to the 75th percentile at $3,135, with the 90th percentile reaching up to $3,742. These tax bills are influenced by several factors, including property size, location, and improvements made to the home. Higher assessed values typically result in higher tax bills, impacting homeowners' annual budgets. Understanding these factors can help homeowners in Carmel anticipate their property tax obligations and plan accordingly, ensuring they are not caught off guard by their annual tax bills.
Average Carmel Tax Bill
$2,416
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmel, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04419 | $792 | $1,546 | $2,416 | $3,135 | $3,742 |
Source: Ownwell