Millinocket, Penobscot County, Maine Property Taxes
Median Millinocket, ME effective property tax rate: 2.82%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Millinocket, ME home value: $63,500
Median annual Millinocket, ME tax bill: $1,768, $632 lower than the national median property tax bill of $2,400.
How are property taxes in Penobscot calculated?
Property taxes in Millinocket, ME are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Millinocket’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Millinocket, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Millinocket, Penobscot County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.82%
Estimate Property Tax Bill
$1,791
$1,662
Ownwell’s Millinocket Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Millinocket with just two data points.
By entering your property's estimated assessed value, our calculator applies Millinocket’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Penobscot County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Millinocket, Penobscot County, Maine
Local government entities set tax rates, which can vary widely within a state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Millinocket, located in Penobscot County, the effective property tax rate stands at 2.82%. This rate reflects the county’s budgetary needs and the total assessed value of properties within its boundaries. When comparing Millinocket’s property tax rate to other cities in Maine, it’s clear that it aligns with the highest and lowest median tax rates within the state, both recorded at 2.82% for the same area. This is significantly higher than the national median property tax rate of 1.02%.
For homeowners in Millinocket, this means a greater portion of their property’s assessed value is allocated to taxes compared to the national average. Understanding these rates can help property owners make informed decisions about their investments and potential exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Millinocket Tax Rate
2.82%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Penobscot County Tax Rate
1.92%
Median Effective Maine Tax Rate
1.57%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Millinocket, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Millinocket, Penobscot County, Maine
When examining property taxes in Millinocket, Maine, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Penobscot County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Penobscot County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Millinocket.
For example, the median home price in Millinocket is $63,500, with tax bills ranging significantly across the county. The 04462 zip code has the highest median home price at $63,500.
Property Tax Assessment Values Across Millinocket, Penobscot County, Maine
Source: Ownwell
$49,573
$134,232
$218,890
Median Millinocket Market Value
$63,500
Median Penobscot County Market Value
$141,580
Median Maine Market Value
$204,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Millinocket, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $33,240 | $49,100 | $63,500 | $83,550 | $106,460 |
Source: Ownwell
Property Tax Bills Across Millinocket, Penobscot County, Maine
In Millinocket, located in Penobscot County, ME, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the estimated market value of the property. Homeowners in Millinocket face a median property tax bill of $1,768, which is significantly lower than the national median property tax bill of $2,400. Various factors influence the tax bill, including the property's location, size, and any improvements made. Homeowners may find these taxes impactful as they represent a recurring expense that can affect overall affordability.
Ownwell offers a solution for homeowners looking to reduce their property tax burden. By leveraging expertise in property tax laws and conducting thorough assessments, Ownwell identifies opportunities for tax appeals and exemptions. This can lead to significant savings, ensuring that homeowners only pay what is fair. With Ownwell's assistance, residents of Millinocket can potentially lower their property tax bills, easing the financial strain and enhancing homeownership affordability.
Median Millinocket Tax Bill
$1,768
Median Penobscot County Tax Bill
$2,548
Median Maine Tax Bill
$3,200
Median United States Tax Bill
$2,400
Property Tax Bills Across Millinocket, Penobscot County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04462 | $911 | $1,373 | $1,768 | $2,318 | $2,814 |
Source: Ownwell
