Milo, Maine Property Taxes
The median property tax rate in Milo, ME is 2.60%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Milo at $59,100, the typical annual property tax bill reaches $1,526, exceeding the national median of $2,690. Property taxes in Milo 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 Milo'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 Milo 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
Milo, 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 Milo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milo 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 Milo, Maine
Property taxes in Milo, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Milo is 2.60%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Milo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milo 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 Milo's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04463 has both the highest and lowest median property tax rate of 2.60%. Understanding how these areas compare with Milo 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 Milo Tax Rate
2.60%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | 2.59% | 2.59% | 2.60% | 2.60% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Milo, Maine
In Milo, 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 Milo, 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 Milo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milo are both $1,526, occurring in the 04463 zip code.
Average Milo Assessed Value
$59,100
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 Milo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $21,000 | $38,300 | $59,100 | $85,650 | $119,000 |
Source: Ownwell
Property Tax Bills Across Milo, Maine
In Milo, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local tax assessors, who evaluate the property's market value. This assessment is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Milo, located in Piscataquis County, experience tax bills that vary widely. For instance, the 25th percentile tax bill is around $992, while the 75th percentile tax bill reaches $2,211. At the higher end, the 90th percentile tax bill is approximately $3,049. These figures reflect the variability in property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, Milo's tax rates can significantly impact homeowners, affecting their annual expenses and overall cost of living. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial obligations.
Average Milo Tax Bill
$1,526
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Milo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $540 | $992 | $1,526 | $2,211 | $3,049 |
Source: Ownwell