Parkman, Maine Property Taxes
The median property tax rate in Parkman, ME is 1.34%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Parkman at $124,475, the typical annual property tax bill reaches $1,668, falling below the national median of $2,690. Property taxes in Parkman 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 Parkman'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 Parkman 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
Parkman, 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 Parkman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkman 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 Parkman, Maine
Property taxes in Parkman, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkman is 1.34%, higher than the U.S. national median of 0.99%. Local government entities within Parkman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkman 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 Parkman's effective property tax rate to other areas in Maine and the national median. For comparison, the 04443 zip code has the highest median property tax rate of 1.34%, while the same 04443 zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Parkman 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 Parkman Tax Rate
1.34%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04443 | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Parkman, Maine
In Parkman, 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 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 Parkman, 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 Parkman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,668, found in the 04443 zip code.
Average Parkman Assessed Value
$124,475
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 Parkman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04443 | $104,009 | $112,888 | $124,475 | $153,060 | $192,534 |
Source: Ownwell
Property Tax Bills Across Parkman, Maine
In Parkman, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by local assessors who evaluate various factors, including the property's market value, location, and any improvements made. Once the assessed value is established, it is multiplied by the local tax rate, which is set annually by the city. For homeowners in Parkman, the median home price is $124,475. The property tax rate in the area is significantly higher than the national median property tax rate of 0.99%. This results in a range of tax bills, with the 25th percentile at $1,513 and the 75th percentile at $2,051. For those in the 90th percentile, tax bills can reach up to $2,580. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners must budget for these taxes annually, as they are a significant part of the cost of owning property in Parkman.
Average Parkman Tax Bill
$1,668
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04443 | $1,394 | $1,513 | $1,668 | $2,051 | $2,580 |
Source: Ownwell