Derby, Maine Property Taxes
The median property tax rate in Derby, ME is 2.59%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Derby at $42,800, the typical annual property tax bill reaches $1,111, exceeding the national median of $2,690. Property taxes in Derby 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 Derby'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 Derby 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
Derby, 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 Derby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derby 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 Derby, Maine
Property taxes in Derby, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby is 2.59%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Derby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby 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 Derby's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04463 has both the highest and lowest median property tax rate of 2.59%. Understanding how these cities compare with Derby 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 Derby Tax Rate
2.59%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Derby, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | 2.59% | 2.59% | 2.59% | 2.60% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Derby, Maine
In Derby, 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 Piscataquis 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 Derby, 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 Derby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04463 has the highest and lowest median tax bill of $1,111.
Average Derby Assessed Value
$42,800
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 Derby, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $13,260 | $29,800 | $42,800 | $57,400 | $69,020 |
Source: Ownwell
Property Tax Bills Across Derby, Maine
In Derby, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the local assessor's office, which evaluates the property based on various factors such as location, size, and condition. Once the assessed value is established, it is multiplied by the property tax rate set by the local government to generate the tax bill. For homeowners in Derby, the median home price is $42,800. Property tax bills can vary significantly, with the 25th percentile at $773 and the 75th percentile at $1,490. The highest median tax bill recorded in the area is $1,111, which is consistent across different zip codes. These tax bills are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Derby's property tax rates can have a notable impact on homeowners, influencing their overall cost of living and financial planning.
Average Derby Tax Bill
$1,111
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Derby, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $344 | $773 | $1,111 | $1,490 | $1,791 |
Source: Ownwell