Shawmut, Maine Property Taxes
The median property tax rate in Shawmut, ME is 2.10%, significantly higher than both the national median of 0.99% and Maine's state median of 1.57%. With the median home value in Shawmut, the typical annual property tax bill reaches $1,838, which, while below the national median of $2,690, still represents a considerable expense for homeowners. Property taxes in Shawmut are based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Shawmut'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 Shawmut or another part of Somerset County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shawmut, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$1,838
Ownwell’s Shawmut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shawmut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shawmut 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 Shawmut, Maine
Property taxes in Shawmut, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shawmut is 2.10%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Shawmut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shawmut 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 Shawmut's effective property tax rate to other counties in Maine and the national median. For comparison, the 04975 zip code has the highest median property tax rate of 2.10%, while the 04975 zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Shawmut 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 Shawmut Tax Rate
2.10%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shawmut, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04975 | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Shawmut, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shawmut, ME. 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 Shawmut, 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. The median home price here is $87,500, with the median tax bill standing at $1,838. Notably, the zip code 04975 has the highest and lowest median tax bills, both at $1,838. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shawmut Assessed Value
$87,500
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 Shawmut, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04975 | $87,500 | $87,500 | $87,500 | $87,500 | $87,500 |
Source: Ownwell
Property Tax Bills Across Shawmut, Maine
In Shawmut, Somerset County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value reflects the market value of the property, which in Shawmut has a median home price of $87,500. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Shawmut can expect a median property tax bill of $1,838, which is notably higher than the national median property tax rate of 0.99%. This tax bill is consistent across different percentiles, indicating a uniform approach to property taxation in the area. Factors such as property improvements, market trends, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, this means that any increase in their property's assessed value will result in a higher tax bill, impacting their annual expenses and overall cost of homeownership in Shawmut.
Average Shawmut Tax Bill
$1,838
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Shawmut, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04975 | $1,838 | $1,838 | $1,838 | $1,838 | $1,838 |
Source: Ownwell