Troy, Maine Property Taxes
The median property tax rate in Troy, ME is 1.12%, considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Troy at $186,850, the typical annual property tax bill reaches $2,093, which is below the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,093
Ownwell’s Troy Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Maine
Property taxes in Troy, Maine, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.12%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other areas in Maine and the national median. For comparison, the 04987 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Troy 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 Troy Tax Rate
1.12%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04987 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Maine
In Troy, 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 Troy, 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 Troy is $186,850, with tax bills ranging from $771 at the 25th percentile to $4,291 at the 90th percentile. Being aware of these valuation processes in Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Troy Assessed Value
$186,850
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 Troy, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04987 | $18,841 | $68,830 | $186,850 | $231,275 | $383,131 |
Source: Ownwell
Property Tax Bills Across Troy, Maine
In Troy, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Troy is $186,850, which serves as a baseline for determining property taxes. Homeowners in Troy can expect their tax bills to vary significantly, with the 25th percentile at $771 and the 75th percentile reaching $2,590. For those in the 90th percentile, tax bills can go as high as $4,291. These figures highlight the range of property tax burdens faced by residents, influenced by factors such as home value and specific local tax rates. Compared to the national median property tax rate of 0.99%, Troy's property taxes can be seen as relatively moderate to high, depending on the specific property and its assessed value. The highest median tax bill in the region is $2,093, found in the zip code 04987. These property taxes impact homeowners by affecting their annual expenses and potentially influencing their decisions on homeownership and property investments.
Average Troy Tax Bill
$2,093
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04987 | $211 | $771 | $2,093 | $2,590 | $4,291 |
Source: Ownwell