Monson, Maine Property Taxes
The median property tax rate in Monson, ME is 1.69%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Monson, the typical annual property tax bill reaches $1,802, still below the national median of $2,690. Property taxes in Monson 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 Monson'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 Monson 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
Monson, 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 Monson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monson 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 Monson, Maine
Property taxes in Monson, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monson is 1.69%, significantly higher than the U.S. national median of 0.99%. Local government entities within Monson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monson 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 Monson's effective property tax rate to other counties in Maine and the national median. For comparison, the 04464 zip code has both the highest and lowest median property tax rate of 1.69%. Understanding how these cities compare with Monson 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 Monson Tax Rate
1.69%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04464 | 1.69% | 1.69% | 1.69% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Monson, Maine
In Monson, Maine, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value is the price a willing buyer would pay a willing seller in an open 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 Monson, 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 Monson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04464 has the highest and lowest median tax bill, both at $1,802.
Average Monson Assessed Value
$106,320
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 Monson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04464 | $55,360 | $76,470 | $106,320 | $139,160 | $185,020 |
Source: Ownwell
Property Tax Bills Across Monson, Maine
In Monson, located in Piscataquis County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects the market value of the property. Homeowners in Monson can expect their tax bill to vary significantly depending on their property's assessed value. For example, those in the 25th percentile typically see tax bills around $1,296, while those in the 75th percentile face bills closer to $2,359. The highest tax bills, such as those in the 90th percentile, can reach up to $3,136. The median home price in Monson is $106,320, and the property tax rate plays a crucial role in determining the final bill. Although the national median property tax rate is 0.99%, local rates and assessed values can cause variations. For homeowners, understanding these factors is essential, as property taxes impact annual expenses and overall affordability. In Monson, even within the same zip code, tax bills can differ, emphasizing the importance of accurate property assessments.
Average Monson Tax Bill
$1,802
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Monson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04464 | $938 | $1,296 | $1,802 | $2,359 | $3,136 |
Source: Ownwell