Forest Twp, Maine Property Taxes
The median property tax rate in Forest Township, ME is 0.85%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Forest Township, the typical annual property tax bill reaches $974, significantly less than the national median of $2,690. Property taxes in Forest Township 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 Forest Township'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 Forest Township 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
Forest Twp, 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 Forest TWP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest TWP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest TWP 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 Forest Twp, Maine
Property taxes in Forest Twp, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest Twp is 0.85%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Forest Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest Twp 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 Forest Twp's effective property tax rate to other areas in Maine and the national median. For comparison, the 04413 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Forest Twp provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Twp Tax Rate
0.85%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Forest Twp, Maine
In Forest Township, 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 Washington 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 Forest Township, 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 Forest Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $974, found in the 04413 zip code.
Average Forest Twp Assessed Value
$114,560
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | $38,075 | $54,492 | $114,560 | $138,028 | $182,060 |
Source: Ownwell
Property Tax Bills Across Forest Twp, Maine
In Forest Township, located in Washington County, ME, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in this area is $114,560. Homeowners can expect their annual tax bills to vary significantly depending on their property's assessed value and specific circumstances. For instance, the 25th percentile tax bill is around $463, while the 75th percentile reaches approximately $1,173. Even higher, the 90th percentile tax bill can be as much as $1,548. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Comparatively, the median property tax rate in Forest Township is quite competitive when contrasted with the national median property tax rate of 0.99%. Homeowners in this region benefit from a relatively moderate tax burden, which can influence decisions on property purchases and long-term residency. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Forest Twp Tax Bill
$974
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04413 | $324 | $463 | $974 | $1,173 | $1,548 |
Source: Ownwell