Indian Island, Maine Property Taxes
The median property tax rate in Indian Island, ME is 0.83%, notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Indian Island, the typical annual property tax bill reaches $864, significantly below the national median of $2,690. Property taxes in Indian Island 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 Indian Island'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 Indian Island 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
Indian Island, 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 Indian Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Indian Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indian Island 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 Indian Island, Maine
Property taxes in Indian Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indian Island is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Indian Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indian Island 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 Indian Island's effective property tax rate to other counties in Maine and the national median. For comparison, the 04468 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Indian Island 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 Indian Island Tax Rate
0.83%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indian Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Indian Island, Maine
In Indian Island, 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 Indian Island, 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 Indian Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $864, with zip code 04468 reflecting this amount.
Average Indian Island Assessed Value
$104,580
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 Indian Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | $104,580 | $104,580 | $104,580 | $104,580 | $104,580 |
Source: Ownwell
Property Tax Bills Across Indian Island, Maine
In Indian Island, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners in Penobscot County, the median home price is $104,580. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. In this region, the tax bill for the 25th, 75th, and 90th percentiles all stand at $864, indicating a consistent rate across various property values. This assessed value is influenced by factors such as the property's location, size, and condition. Comparing this to the national median property tax rate of 0.99%, homeowners in Indian Island experience a relatively predictable tax bill. This consistency in property tax bills can provide a level of financial stability for homeowners, allowing them to better plan for annual expenses. Understanding these factors can help homeowners anticipate their financial responsibilities and manage their budgets more effectively.
Average Indian Island Tax Bill
$864
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Indian Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | $864 | $864 | $864 | $864 | $864 |
Source: Ownwell