Eliot, Maine Property Taxes
The median property tax rate in Eliot, ME is 1.21%, higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Eliot at $355,900, the typical annual property tax bill reaches $4,306, significantly exceeding the national median of $2,690. Property taxes in Eliot are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Eliot'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 Eliot 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
Eliot, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,306
Ownwell’s Eliot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eliot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eliot 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 Eliot, Maine
Property taxes in Eliot, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eliot is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Eliot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eliot 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 Eliot's effective property tax rate to other areas and the national median. For comparison, the zip code 03903 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Eliot provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eliot Tax Rate
1.21%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eliot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03903 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Eliot, Maine
In Eliot, 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 York 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 Eliot, 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 Eliot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Eliot is $4306.00 in zip code 03903, which is also the lowest median tax bill, reflecting a consistent tax environment across the area.
Average Eliot Assessed Value
$355,900
Average York County Assessed Value
$307,400
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eliot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03903 | $207,960 | $273,575 | $355,900 | $465,950 | $612,730 |
Source: Ownwell
Property Tax Bills Across Eliot, Maine
In Eliot, 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 local assessor’s office and reflects the market value of the property. This value, multiplied by the tax rate, results in the annual tax bill. For instance, with a median home price of $355,900, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. Factors influencing the tax bill include the property's size, age, location, and any improvements made. In York County, the tax bills range significantly, with the 25th percentile around $3,312 and the 75th percentile reaching $5,638. The 90th percentile tax bill can be as high as $7,414. These figures are notably higher than the national median property tax rate of 0.99%, highlighting the substantial impact on homeowners in this region. Understanding these elements helps homeowners anticipate their financial obligations and plan accordingly.
Average Eliot Tax Bill
$4,306
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Eliot, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03903 | $2,516 | $3,312 | $4,306 | $5,638 | $7,414 |
Source: Ownwell