Prospect, Waldo County, Maine Property Taxes
Median Prospect, ME effective property tax rate: 1.45%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Prospect, ME home value: $154,560
Median annual Prospect, ME tax bill: $2,241, $159 lower than the national median property tax bill of $2,400.
How are property taxes in Waldo calculated?
Property taxes in Prospect, 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 Prospect’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Prospect, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Prospect, Waldo County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.45%
Estimate Property Tax Bill
$2,241
$2,080
Property Tax Rates Across Prospect, Waldo County, Maine
Local government entities set tax rates, which can vary widely within a state. This variation is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Prospect, located in Waldo County, Maine, the effective property tax rate is a key factor for homeowners to consider. Compared to other cities in Maine, Prospect's rate is reflective of the local government's budgetary needs and property values. The median property tax rate in Maine is higher than the national median, indicating that homeowners in the state generally face a greater property tax burden. This can be significant when planning long-term investments or considering the cost of living in the area. Understanding these rates in relation to the national median can provide valuable insights for potential property buyers or current homeowners looking to appeal their property taxes.
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 Prospect Tax Rate
1.45%
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 Waldo County Tax Rate
1.74%
Median Effective Maine Tax Rate
1.57%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Prospect, Waldo County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Prospect, Waldo County, Maine
When examining property taxes in Prospect, 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 Waldo 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 Waldo 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 Prospect.
For example, the median home price in Prospect is $154,560, with tax bills ranging significantly across the county. Zip code 04981 has the highest median home price at $154,560.
Property Tax Assessment Values Across Prospect, Waldo County, Maine
Source: Ownwell
$14,800
$161,850
$308,900
Median Prospect Market Value
$154,560
Median Waldo County Market Value
$154,000
Median Maine Market Value
$204,200
Median United States Market Value
$235,294
Property Tax Assessment Values Across Prospect, Waldo County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | $69,104 | $113,165 | $154,560 | $200,805 | $252,526 |
Source: Ownwell
Property Tax Bills Across Prospect, Waldo County, Maine
Median Prospect Tax Bill
$2,241
Median Waldo County Tax Bill
$2,632
Median Maine Tax Bill
$3,200
Median United States Tax Bill
$2,400
Property Tax Bills Across Prospect, Waldo County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04981 | $1,002 | $1,641 | $2,241 | $2,912 | $3,662 |
Source: Ownwell