Caratunk, Maine Property Taxes
The median property tax rate in Caratunk, ME is 0.96%, slightly lower than the national median of 0.99% and significantly below the Maine state median of 1.57%. With a median home value of $86,428, the typical annual property tax bill in Caratunk is $830, which is substantially less than the national median of $2,690. Property taxes in Caratunk are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Caratunk'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 Caratunk 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
Caratunk, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$830
Ownwell’s Caratunk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caratunk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caratunk 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 Caratunk, Maine
Property taxes in Caratunk, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caratunk is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Caratunk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caratunk 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 Caratunk's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04925 has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Caratunk provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caratunk Tax Rate
0.96%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caratunk, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04925 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Caratunk, Maine
In Caratunk, 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 Somerset 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 Caratunk, 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 Caratunk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $830.00, found in zip code 04925.
Average Caratunk Assessed Value
$86,428
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caratunk, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04925 | $47,898 | $65,126 | $86,428 | $153,331 | $206,534 |
Source: Ownwell
Property Tax Bills Across Caratunk, Maine
In Caratunk, located in Somerset County, ME, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the market value of the property. The tax rate in Caratunk is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $86,428, homeowners can expect varying tax bills. Factors such as property size, location, and any improvements can influence the assessed value, thereby impacting the tax bill. In Caratunk, the 25th percentile tax bill is $626, while the 75th percentile reaches $1,472, and the 90th percentile is $1,983. These figures highlight the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Caratunk’s property taxes are relatively moderate, making it an appealing location for those seeking manageable property tax expenses.
Average Caratunk Tax Bill
$830
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Caratunk, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04925 | $460 | $626 | $830 | $1,472 | $1,983 |
Source: Ownwell