Palmyra, Somerset County, Maine Property Taxes

Name: Property Tax Bills Across Palmyra, Somerset County, Maine
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Palmyra, ME effective property tax rate: 1.70%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Palmyra, ME home value: $85,050
Median annual Palmyra, ME tax bill: $1,446, $954 lower than the national median property tax bill of $2,400.

How are property taxes in Somerset calculated?

Property taxes in Palmyra, ME are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Palmyra’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palmyra, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Palmyra, Somerset County, Maine Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.7%

Estimate Property Tax Bill

$1,446

$1,342

Ownwell’s Palmyra Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palmyra with just two data points.

By entering your property's estimated assessed value, our calculator applies Palmyra’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Somerset County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Palmyra, Somerset County, Maine

Local government entities determine property tax rates, and these can differ significantly within a state. This variation occurs because each county estimates its annual budget to fund services and divides it by the total value of all taxable property within its boundaries, leading to the property tax rate. Although votes and legislation play a role in setting these rates and budgets, this is the basic annual procedure. In Palmyra, Somerset County, Maine, the effective property tax rate stands at 1.70%, which is notably higher than the national median of 1.02%. This rate places Palmyra among the regions with the highest property tax rates in Maine, as the state itself has a median rate of 1.70%. Such a rate can result in a significantly higher property tax bill compared to the national median of $2400. Understanding these rates is crucial for property owners in Palmyra, as it can impact their financial planning and decisions regarding property investments.

Property Tax Rates Across Palmyra, Somerset County, Maine

Source: Ownwell

0.47%

1.46%

2.44%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Palmyra Taxx Rate

1.70%

Median Effective Somerset County Taxx Rate

1.77%

Median Effective Maine Tax Rate

1.57%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Palmyra, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
04965	1.70%	1.70%	1.70%	1.70%	1.70%

Source: Ownwell

Property Tax Assessment Values Across Palmyra, Somerset County, Maine

When examining property taxes in Palmyra, ME, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Somerset County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Somerset County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Palmyra. For example, the median home price in Palmyra is $85,050, with tax bills ranging significantly across the county. Zip code 04965 has the highest median home price at $85,050.

Property Tax Assessment Values Across Palmyra, Somerset County, Maine

Source: Ownwell

$74,500

$182,040

$289,580

Median Palmyra Market Value

$85,050

Median Somerset County Market Value

$105,900

Median Maine Market Value

$204,200

Median United States Market Value

$244,900

Property Tax Assessment Values Across Palmyra, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
04965	$27,200	$53,600	$85,050	$118,000	$167,250

Source: Ownwell

Property Tax Bills Across Palmyra, Somerset County, Maine

In Palmyra, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Palmyra's median home price is $85,050, and the property tax bill can range significantly. For example, the 25th percentile tax bill is $911, while the 75th percentile reaches $2,006, and the 90th percentile can be as high as $2,844. These figures highlight the variability in tax bills, which can impact homeowners' financial planning. Compared to the national median property tax bill of $2,400, Palmyra's property taxes can be relatively lower, yet they still represent a significant expense for homeowners. Ownwell offers services to help homeowners reduce their tax burden by identifying potential savings through appeals and exemptions. By leveraging expertise in property tax laws, Ownwell can assist homeowners in ensuring their property is fairly assessed, potentially leading to substantial savings on their annual tax bills.

Property Tax Bills Across Palmyra, Somerset County, Maine

Source: Ownwell

$420

$1,359

$2,297

Median Palmyra Tax Bill

$1,446

Median Somerset County Tax Bill

$1,837

Median Maine Tax Bill

$3,200

Median United States Tax Bill

$2,690

Property Tax Bills Across Palmyra, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
04965	$463	$911	$1,446	$2,006	$2,844

Source: Ownwell