Meddybemps, Maine Property Taxes
The median property tax rate in Meddybemps, ME is 0.80%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Meddybemps of $151,450, the typical annual property tax bill amounts to $1,234, significantly below the national median of $2,690. Property taxes in Meddybemps are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Meddybemps' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Meddybemps 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
Meddybemps, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,212
Ownwell’s Meddybemps Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meddybemps with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meddybemps 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 Meddybemps, Maine
Property taxes in Meddybemps, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meddybemps is 0.80%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Meddybemps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meddybemps 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 Meddybemps's effective property tax rate to other counties in Maine and the national median. For comparison, the 04657 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Meddybemps 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 Meddybemps Tax Rate
0.80%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meddybemps, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04657 | 0.80% | 0.80% | 0.80% | 0.80% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Meddybemps, Maine
In Meddybemps, 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. 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 Meddybemps helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 04657, both valued at $1234.
Average Meddybemps Assessed Value
$151,450
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 Meddybemps, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04657 | $40,030 | $89,685 | $151,450 | $218,075 | $275,900 |
Source: Ownwell
Property Tax Bills Across Meddybemps, Maine
In Meddybemps, Washington County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value represents the estimated market value of the property, which is then multiplied by the tax rate to determine the annual tax bill. For instance, with a median home price of $151,450, homeowners can expect a range of tax bills. The 25th percentile tax bill is approximately $741, while the 75th percentile tax bill reaches up to $1,821, and the 90th percentile can be as high as $2,297. Several factors influence these amounts, including changes in property values, local government budgets, and specific exemptions or deductions that may apply. Compared to the national median property tax rate of 0.99%, homeowners in Meddybemps may experience varying impacts on their finances based on their property's assessed value. Understanding these elements helps homeowners anticipate their tax obligations and manage their financial planning effectively.
Average Meddybemps Tax Bill
$1,234
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Meddybemps, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04657 | $330 | $741 | $1,234 | $1,821 | $2,297 |
Source: Ownwell