Prentiss Twp, Maine Property Taxes
The median property tax rate in Prentiss Township, ME is 0.83%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Prentiss Township at $86,590, the typical annual property tax bill is $744, significantly below the national median of $2,690. Property taxes in Prentiss Township are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Prentiss Township'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 Prentiss Township or another part of Penobscot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prentiss Twp, 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 Prentiss Twp Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Prentiss Twp with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Prentiss Twp to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For more detailed trends at the neighborhood level, scroll down for localized information. Your property’s assessed value, assigned by Penobscot County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Prentiss Twp, Maine
Property taxes in Prentiss Twp, Maine, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Prentiss Twp is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Prentiss Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prentiss Twp 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 Prentiss Twp's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04487 has the same median property tax rate of 0.83%. Understanding how these areas compare with Prentiss Twp 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 Prentiss Twp 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 Prentiss Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | 0.83% | 0.83% | 0.83% | 0.83% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Prentiss Twp, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prentiss Twp, Maine. The market value represents 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. 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 Prentiss Twp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prentiss Twp is $86,590, with tax bills ranging from the 25th percentile at $360 to the 90th percentile at $1,365. The zip code 04487 has both the highest and lowest median tax bill at $744.
Average Prentiss Twp Assessed Value
$86,590
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 Prentiss Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $28,044 | $43,630 | $86,590 | $117,642 | $158,212 |
Source: Ownwell
Property Tax Bills Across Prentiss Twp, Maine
In Prentiss Township, located in Penobscot County, ME, property tax bills are calculated based on the assessed value of your home. This assessed value is determined by local government assessors who evaluate various factors such as the market value of the property, its size, location, and any improvements made. The tax rate, which is applied to the assessed value, plays a crucial role in determining the final tax bill. For homeowners in Prentiss Township, the median home price is $86,590, which is relatively modest compared to national figures. The property tax rate in this area aligns closely with the national median property tax rate of 0.99%. Homeowners can expect their tax bills to vary, with the 25th percentile at $360, the 75th percentile at $978, and the 90th percentile reaching up to $1,365. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their long-term financial planning. Understanding how these factors interplay can help homeowners better prepare for their annual property tax obligations.
Average Prentiss Twp Tax Bill
$744
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Prentiss Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $231 | $360 | $744 | $978 | $1,365 |
Source: Ownwell