Millinocket, Maine Property Taxes
The median property tax rate in Millinocket, ME is 0.68%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Millinocket at $234,690, the typical annual property tax bill is approximately $1,603, which is well below the national median of $2,690. Property taxes in Millinocket are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Millinocket'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 Millinocket or another part of Piscataquis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millinocket, 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 Millinocket Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millinocket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millinocket 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 Millinocket, Maine
Property taxes in Millinocket, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millinocket is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Millinocket set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millinocket 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 Millinocket's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04462 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Millinocket 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 Millinocket Tax Rate
0.68%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Millinocket, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millinocket, Maine. 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 local 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 Millinocket, 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. For example, the highest median tax bill in Millinocket is $1,603 in the 04462 zip code, which is also the lowest median tax bill in the area. 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 Millinocket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millinocket Assessed Value
$234,690
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 Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $136,645 | $183,045 | $234,690 | $267,760 | $344,805 |
Source: Ownwell
Property Tax Bills Across Millinocket, Maine
In Millinocket, located in Piscataquis County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and reflects the estimated market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Millinocket experience varying tax bills depending on their property's value. For instance, the median home price stands at $234,690, leading to different tax bills across percentiles. At the 25th percentile, homeowners might pay around $1,250, while those at the 75th percentile could see bills closer to $1,829. The 90th percentile tax bill can reach up to $2,355. Comparatively, the national median property tax rate is 0.99%, making Millinocket's tax scenario relatively typical. These property taxes fund essential local services, such as public schools, infrastructure, and emergency services, impacting the overall quality of life for residents.
Average Millinocket Tax Bill
$1,603
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Millinocket, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $934 | $1,250 | $1,603 | $1,829 | $2,355 |
Source: Ownwell