Montville, Maine Property Taxes
The median property tax rate in Montville, ME is 2.30%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Montville at $115,650, the typical annual property tax bill reaches $2,658, closely aligning with the national median of $2,690. Property taxes in Montville 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 Montville'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 Montville 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
Montville, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$2,660
Ownwell’s Montville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montville 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 Montville, Maine
Property taxes in Montville, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montville is 2.30%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Montville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montville 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 Montville's effective property tax rate to other counties in Maine and the national median. For comparison, the 04941 zip code has both the highest and lowest median property tax rate of 2.30%. Understanding how these cities compare with Montville 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 Montville Tax Rate
2.30%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Montville, Maine
In Montville, 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 local 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 Montville, 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. The median home price in Montville is $115,650, with tax bills ranging from $1,380 at the 25th percentile to $4,423 at the 90th percentile. The zip code 04941 has the highest median tax bill of $2,658. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montville Assessed Value
$115,650
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 Montville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | $28,310 | $60,025 | $115,650 | $155,725 | $194,580 |
Source: Ownwell
Property Tax Bills Across Montville, Maine
In Montville, 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 town's assessor and reflects the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $115,650, homeowners can expect varying tax bills depending on their property's specific assessed value and any applicable exemptions. Factors influencing the tax bill include the property's location, size, and any improvements or renovations. In Montville, tax bills can range significantly. Homeowners in the 25th percentile might pay around $1,380, while those in the 75th percentile could see bills as high as $3,562. The top 10% of tax bills can reach up to $4,423. Compared to the national median property tax rate of 0.99%, Montville's rates can be quite impactful, affecting homeowners' annual budgets and long-term financial planning.
Average Montville Tax Bill
$2,658
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Montville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | $651 | $1,380 | $2,658 | $3,562 | $4,423 |
Source: Ownwell