Exeter, Penobscot County, Maine Property Taxes
The median property tax rate in Exeter, ME is 1.40%, which is significantly higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $89,000 in Exeter, the typical annual property tax bill amounts to $1,246, falling below the national median of $2,690. Property taxes in Exeter are based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Exeter's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Exeter or another area within the city, gaining a thorough understanding of the local property tax system can be highly beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Exeter, Penobscot County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,246
$1,156
Ownwell’s Exeter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Exeter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Exeter 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 Exeter, Penobscot County, Maine
Property taxes in Exeter, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Exeter is 1.40%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Exeter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Exeter 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 Exeter's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04435 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Exeter 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 Exeter Tax Rate
1.40%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Exeter, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04435 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Exeter, Penobscot County, Maine
In Exeter, 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 Exeter, 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 Exeter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04435 has the highest and lowest median tax bills at $1,246.
Property Tax Assessment Values Across Exeter, Penobscot County, Maine
Source: Ownwell
$49,573
$134,232
$218,890
Average Exeter Assessed Value
$89,000
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 Exeter, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04435 | $35,000 | $56,000 | $89,000 | $134,500 | $179,000 |
Source: Ownwell
Property Tax Bills Across Exeter, Penobscot County, Maine
In Exeter, Penobscot County, ME, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of your property. This value is then multiplied by the tax rate set by the local government to determine your annual tax bill. For example, with a median home price of $89,000, homeowners in Exeter can expect varying tax bills. At the 25th percentile, the tax bill is around $784, while at the 75th percentile, it goes up to $1,883. Those at the 90th percentile might see tax bills as high as $2,506. These tax bills can significantly impact homeowners, influencing decisions on property investments and home improvements. Compared to the national median property tax rate of 0.99%, Exeter's rates reflect local economic conditions and funding needs for public services. Understanding these factors helps homeowners better plan their finances and anticipate future tax obligations.
Average Exeter Tax Bill
$1,246
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Exeter, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04435 | $490 | $784 | $1,246 | $1,883 | $2,506 |
Source: Ownwell