Kingman, Maine Property Taxes
The median property tax rate in Kingman, ME is 0.83%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $69,620 in Kingman, the typical annual property tax bill amounts to $575, significantly below the national median of $2,690. Property taxes in Kingman are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kingman’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 Kingman 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
Kingman, 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 Kingman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kingman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kingman 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 Kingman, Maine
Property taxes in Kingman, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kingman is 0.83%, lower than the U.S. national median of 0.99%. Local government entities within Kingman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kingman 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 Kingman's effective property tax rate to other counties in Maine and the national median. For comparison, the 04451 zip code has the highest median property tax rate of 0.83%, while the 04451 zip code has the lowest median tax rate of 0.83%. Understanding how these cities compare with Kingman 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 Kingman 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 Kingman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04451 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Kingman, Maine
In Kingman, 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 Kingman, 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. The zip code with the highest and lowest median tax bills is 04451, both at $575. By being aware of these valuation processes in Kingman, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kingman Assessed Value
$69,620
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 Kingman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04451 | $36,548 | $44,465 | $69,620 | $109,665 | $141,718 |
Source: Ownwell
Property Tax Bills Across Kingman, Maine
In Kingman, located in Penobscot County, ME, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local tax assessors who evaluate the property's market value. The tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $69,620, the tax bill can vary significantly. At the 25th percentile, homeowners might see a tax bill around $368, while those at the 75th percentile could face a bill of approximately $906. The 90th percentile tax bill can go up to $1,171. These tax bills impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Kingman's tax rates provide a context for how local taxes stack up against national averages. Understanding these factors helps homeowners budget effectively and anticipate their financial responsibilities.
Average Kingman Tax Bill
$575
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Kingman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04451 | $302 | $368 | $575 | $906 | $1,171 |
Source: Ownwell