Monroe, Maine Property Taxes
The median property tax rate in Monroe, ME is 1.44%, considerably higher than the national median of 0.99% but slightly below the Maine state median of 1.57%. With the median home value in Monroe, the typical annual property tax bill reaches $1,846, which is below the national median of $2,690. Property taxes in Monroe 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 Monroe'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 Monroe 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
Monroe, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$1,846
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Maine
Property taxes in Monroe, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.44%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other regions in Maine and the national median. For comparison, the zip code 04951 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these areas compare with Monroe provides valuable insights into the varying tax landscape across Waldo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
1.44%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04951 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Maine
In Monroe, 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 Waldo 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 Monroe, 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. Monroe's median home price stands at $128,174, with tax bills ranging from $1,265 at the 25th percentile to $3,351 at the 90th percentile. Notably, the zip code 04951 has both the highest and lowest median tax bill, valued at $1,846. 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe Assessed Value
$128,174
Average Waldo County Assessed Value
$154,000
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04951 | $44,548 | $87,861 | $128,174 | $180,250 | $231,402 |
Source: Ownwell
Property Tax Bills Across Monroe, Maine
In Monroe, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. For instance, with a median home price of $128,174, homeowners can expect varying tax bills depending on the specific assessment and exemptions available. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Monroe, property tax bills can range significantly. At the 25th percentile, homeowners might pay around $1,265, while those at the 75th percentile could see bills as high as $2,608. The top 10% of property tax bills reach up to $3,351, indicating a broad spectrum based on property value and other criteria. Compared to the national median property tax rate of 0.99%, Monroe's property tax rates and bills reflect the unique economic landscape of the region. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and budget accordingly.
Average Monroe Tax Bill
$1,846
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04951 | $642 | $1,265 | $1,846 | $2,608 | $3,351 |
Source: Ownwell