Beaver Cove, Maine Property Taxes
The median property tax rate in Beaver Cove, ME is 0.60%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Beaver Cove, the typical annual property tax bill reaches $701, significantly below the national median of $2,690. Property taxes in Beaver Cove 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 Beaver Cove'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 Beaver Cove 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
Beaver Cove, 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 Beaver Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beaver Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaver Cove 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 Beaver Cove, Maine
Property taxes in Beaver Cove, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaver Cove is 0.60%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Beaver Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaver Cove 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 Beaver Cove's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04441 has the highest median property tax rate of 0.60%, while the same zip code has the lowest median tax rate of 0.60%. Understanding how these cities compare with Beaver Cove provides valuable insights into the varying tax landscape across Piscataquis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaver Cove Tax Rate
0.60%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaver Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Beaver Cove, Maine
In Beaver Cove, 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 county assessor 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 Beaver Cove, 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 Beaver Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04441, with a median tax bill of $701.00, which is also the lowest median tax bill in the area.
Average Beaver Cove Assessed Value
$116,800
Average Piscataquis County Assessed Value
$100,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaver Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | $110,860 | $112,900 | $116,800 | $214,100 | $340,440 |
Source: Ownwell
Property Tax Bills Across Beaver Cove, Maine
In Beaver Cove, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Piscataquis County. The assessed value is determined by the town's assessor, reflecting the market value of your property. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For example, with a median home price of $116,800, homeowners can expect varying tax bills depending on the specific valuation and applicable exemptions. Factors such as property improvements, changes in market conditions, and local budgetary needs influence the assessed value and, consequently, the tax bill. For homeowners in Beaver Cove, tax bills range significantly, with the 25th percentile at $677 and the 75th percentile at $1,552. The 90th percentile sees tax bills as high as $2,670. These taxes fund essential public services like schools, road maintenance, and emergency services, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Beaver Cove Tax Bill
$701
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaver Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04441 | $665 | $677 | $701 | $1,552 | $2,670 |
Source: Ownwell