Waldo, Maine Property Taxes
The median property tax rate in Waldo, ME is 1.70%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Waldo, the typical annual property tax bill reaches $2,701, which is still below the national median of $2,690. Property taxes in Waldo 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 Waldo'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 Waldo 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
Waldo, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Waldo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldo 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 Waldo, Maine
Property taxes in Waldo, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldo is 1.70%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waldo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldo 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 Waldo's effective property tax rate to other counties in Maine and the national median. For comparison, the 04915 zip code has the highest median property tax rate of 1.70%, while the 04915 zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Waldo 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 Waldo Tax Rate
1.70%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Waldo, Maine
In Waldo, 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 county 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. 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. Being aware of these valuation processes in Waldo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04915 has both the highest and lowest median tax bills at $2,701, which is significantly higher than the national median property tax rate of 0.99%.
Average Waldo Assessed Value
$158,900
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 Waldo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | $158,900 | $158,900 | $158,900 | $158,900 | $158,900 |
Source: Ownwell
Property Tax Bills Across Waldo, Maine
In Waldo, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. In Waldo, the median home price is $158,900. Homeowners in this area can expect a median property tax bill of $2,701, which is significantly higher than the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the property's location, size, and any improvements made. The tax rate, or mill rate, set by local government bodies, is applied to the assessed value to determine the tax bill. This system ensures that property taxes are proportionate to the value of the property, thereby affecting homeowners based on their property's worth. High property tax bills can impact homeowners' budgets, making it essential for them to understand how their tax obligations are calculated and managed.
Average Waldo Tax Bill
$2,701
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldo, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04915 | $2,701 | $2,701 | $2,701 | $2,701 | $2,701 |
Source: Ownwell