Lakeville, Maine Property Taxes
The median property tax rate in Lakeville, ME is 0.83%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Lakeville at $190,510, the typical annual property tax bill reaches $1,574, well below the national median of $2,690. Property taxes in Lakeville 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 Lakeville'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 Lakeville 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
Lakeville, 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 Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Maine
Property taxes in Lakeville, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Maine and the national median. For comparison, the 04487 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 Lakeville 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 Lakeville 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 Lakeville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Maine
In Lakeville, 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 Lakeville, 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 median home price in Lakeville is $190,510, with the highest and lowest median tax bills both recorded at $1,574 in the 04487 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeville Assessed Value
$190,510
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 Lakeville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $190,510 | $190,510 | $190,510 | $190,510 | $190,510 |
Source: Ownwell
Property Tax Bills Across Lakeville, Maine
In Lakeville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value and is used to ensure that property taxes are distributed fairly among homeowners. In Penobscot County, the median home price stands at $190,510. The property tax rate in Lakeville is applied to the assessed value to determine the tax bill. While the national median property tax rate is 0.99%, local rates can vary. For Lakeville, the median tax bill is $1,574, which is consistent across the 25th, 75th, and 90th percentiles. This uniformity indicates a stable property tax environment. Homeowners in Lakeville should be aware that their property tax bill directly impacts their annual housing costs. Understanding how these bills are calculated can help homeowners plan their finances better and potentially explore exemptions or appeals if they believe their property has been over-assessed.
Average Lakeville Tax Bill
$1,574
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $1,574 | $1,574 | $1,574 | $1,574 | $1,574 |
Source: Ownwell