Rockwood, Maine Property Taxes
The median property tax rate in Rockwood, ME is 0.76%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Rockwood, the typical annual property tax bill reaches $1,535, which is well below the national median of $2,690. Property taxes in Rockwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockwood'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 Rockwood 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
Rockwood, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,524
Ownwell’s Rockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockwood 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 Rockwood, Maine
Property taxes in Rockwood, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 0.76%, which is lower than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04478 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Rockwood 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 Rockwood Tax Rate
0.76%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | 0.76% | 0.76% | 0.76% | 0.76% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Maine
In Rockwood, 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 Rockwood, 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. For example, the median home price in Rockwood is $200,530, with tax bills ranging from $1,153 at the 25th percentile to $4,005 at the 90th percentile. The highest and lowest median tax bills are both $1,535 in the 04478 zip code. 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 Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockwood Assessed Value
$200,530
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 Rockwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | $95,070 | $149,320 | $200,530 | $299,325 | $524,907 |
Source: Ownwell
Property Tax Bills Across Rockwood, Maine
Property tax bills in Rockwood, Somerset County, ME, are calculated based on the assessed value of your property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of your home. For instance, with a median home price of $200,530, the tax bill can vary significantly. Factors such as property size, location, and improvements play a crucial role in determining the assessment. Homeowners in Rockwood can expect a wide range of tax bills. At the 25th percentile, the tax bill is $1,153, while at the 75th percentile, it rises to $2,292. Those at the 90th percentile face a tax bill of $4,005. Compared to the national median property tax rate of 0.99%, homeowners in Rockwood experience varying impacts on their finances. Understanding these factors helps homeowners better anticipate their property tax obligations and manage their budgets more effectively.
Average Rockwood Tax Bill
$1,535
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04478 | $740 | $1,153 | $1,535 | $2,292 | $4,005 |
Source: Ownwell