Old Town, Penobscot County, Maine Property Taxes
The median property tax rate in Old Town, ME is 2.10%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Old Town, the typical annual property tax bill reaches $2,629, closely aligning with the national median of $2,690. Property taxes in Old Town 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 Old Town'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 Old Town 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
Old Town, Penobscot County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$2,646
$2,455
Ownwell’s Old Town Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Old Town with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Town 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 Old Town, Penobscot County, Maine
Property taxes in Old Town, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Town is 1.72%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Old Town set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Town 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 Old Town'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 1.72%, while the 04468 zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Old Town 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 Old Town Tax Rate
2.10%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Town, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Old Town, Penobscot County, Maine
In Old Town, 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 Old Town, 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 Old Town helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Old Town are both $2,629, located in the 04468 zip code.
Property Tax Assessment Values Across Old Town, Penobscot County, Maine
Source: Ownwell
$49,573
$134,232
$218,890
Average Old Town Assessed Value
$126,000
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 Old Town, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | $17,800 | $96,900 | $126,000 | $164,800 | $219,600 |
Source: Ownwell
Property Tax Bills Across Old Town, Penobscot County, Maine
In Old Town, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $126,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $2,011, while the 75th percentile reaches up to $3,425, and the 90th percentile can go as high as $4,530. These figures reflect the range of property tax burdens within Old Town and highlight the variability homeowners might experience. Compared to the national median property tax rate of 0.99%, Old Town's rates indicate a diverse tax landscape that can significantly impact household budgets. Understanding these factors is crucial for homeowners when planning their finances and considering property investments in the area.
Average Old Town Tax Bill
$2,629
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Town, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04468 | $370 | $2,011 | $2,629 | $3,425 | $4,530 |
Source: Ownwell