Veazie, Penobscot County, Maine Property Taxes
The median property tax rate in Veazie, ME is 1.74%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Veazie at $177,300, the typical annual property tax bill reaches $3,076, exceeding the national median of $2,690. Property taxes in Veazie 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 Veazie'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 Veazie 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
Veazie, Penobscot County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$3,085
$2,863
Ownwell’s Veazie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Veazie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Veazie 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 Veazie, Penobscot County, Maine
Property taxes in Veazie, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Veazie stands at 1.74%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Veazie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Veazie 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 Veazie's effective property tax rate to other areas in Penobscot County and the national median. For comparison, the zip code 04401 has both the highest and lowest median property tax rate in the region, at 1.74%. Understanding how these areas compare with Veazie 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 Veazie Tax Rate
1.74%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Veazie, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | 1.73% | 1.73% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Veazie, Penobscot County, Maine
In Veazie, 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. Assessment notices in Veazie 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 Veazie 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 $3,076, found in the 04401 zip code.
Property Tax Assessment Values Across Veazie, Penobscot County, Maine
Source: Ownwell
$49,573
$134,232
$218,890
Average Veazie Assessed Value
$177,300
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 Veazie, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $16,120 | $107,800 | $177,300 | $264,300 | $375,980 |
Source: Ownwell
Property Tax Bills Across Veazie, Penobscot County, Maine
In Veazie, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the size, age, location, and condition of the property. In Veazie, the median home price is $177,300, and homeowners can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $1,870, while the 75th percentile tax bill is $4,586. The 90th percentile tax bill can reach up to $6,524. Compared to the national median property tax rate of 0.99%, Veazie's property tax rates can significantly impact homeowners, making it essential to understand how these taxes are determined and budget accordingly.
Average Veazie Tax Bill
$3,076
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Veazie, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04401 | $279 | $1,870 | $3,076 | $4,586 | $6,524 |
Source: Ownwell