Are taxes high or low ?

[Submariner]

Sometimes it is hard to see why properties are assessed as they are.

[meesh1266]

All I want to know is the property tax rate for the city of Bangor. Thanks

[retiredtinbender]

Originally Posted by meesh1266

All I want to know is the property tax rate for the city of Bangor. Thanks

The official website for the City of Bangor, Maine

In 2010 it was $19.20 per tousand (0.0192). Call them for last years. I doubt this years budget is done yet.

[newenglandgirl]

Originally Posted by retiredtinbender

The official website for the City of Bangor, Maine

In 2010 it was $19.20 per tousand (0.0192). Call them for last years. I doubt this years budget is done yet.

A while back you posted the mil rates across Maine. Is there a link for a 2012 update?

Do the mil rates have anything to do with whether or not you are on town water & sewer?

Finally, I wonder, if tax rates keep rising how are senior citizens on fixed income, and the underemployed in Maine, going to be able to keep their (owned) homes? And the rents will go up too on all renters including those making not too much money. Is that seen as a problem for the state—the possibility of a glut of housing as a result?

[newenglandgirl]

Originally Posted by mainebrokerman

sue, you are right. here's a run-down on mill-rates

The mill rate is the dollars/cents per $1,000 of value that you will pay in property taxes. For example, if you own a home valued at $100,000 and the tax rate is 20 mills, then your tax bill will be $2,000 (or $20 x 100).

In calculating a property tax rate, the legislative body of the municipality (town meeting or council) determines the amount of revenue needed to be raised by the property tax to fund municipal services. That amount is then divided by the total local assessed valuation to get the local tax rate. For example, a town that has a local assessed valuation of $100 million and needs to raise $2 million in property taxes will require a tax rate of 20 mills to do so ($2,000,000 divided by $100,000,000 equals .020).

Another way to look at the mill rate is as a percentage of value. For example, if your home is valued at $100,000 and the mill rate is 20, then your property taxes are equal to 2% of your home’s value; if the mill rate is 15, then it is 1.5% of the home’s value; 10 mills is 1%.

When you go to buy a house and you see the supposedly current property tax amount on the official (MLS) listing, how do you know how old, or how accurate, that amount is? And after you purchase a house, how can you gauge what you will be paying based on the amount in that listing (so you don't faint when you open your first tax bill)? Does the tax assessor say aha! A new resident - let's get the taxes up there!

And, if you do anything at all to the property you just bought - a new roof, or sprucing up the yard, or remodeling the kitchen - are you in for significantly higher taxes (in Maine) on that property?

What's the reality, in Maine?

[retiredtinbender]

Originally Posted by newenglandgirl

A while back you posted the mil rates across Maine. Is there a link for a 2012 update?

Do the mil rates have anything to do with whether or not you are on town water & sewer?

Finally, I wonder, if tax rates keep rising how are senior citizens on fixed income, and the underemployed in Maine, going to be able to keep their (owned) homes? And the rents will go up too on all renters including those making not too much money. Is that seen as a problem for the state—the possibility of a glut of housing as a result?

This is the state link: Maine Revenue Services: Property Tax - Statistical Summary

they run about 2 years behind so it only ges back to 2010 now. On the left, scroll to the bottom and there is a link to "tax releif". There is a a program calle Property Tax and Rent Refund (Circuit Breaker) and it will also list the exemptions allowed by the state. On top of that, some towns will help by putting you on a payment plan instead of foreclosure. Heck, towns don't want properties going off the tax rolls. It just increases the burden on everyone else (me included). Some poeple here have gone into payments here for back taxes and sewer and are now not only caught up they are paying ahead. I pre-pay mine all year long and never been behind. It makes sense to allow folks to enter into the agreements. The last thing Eastport needs is more tax exempt property.

[Submariner]

Originally Posted by retiredtinbender

This is the state link: Maine Revenue Services: Property Tax - Statistical Summary

they run about 2 years behind so it only ges back to 2010 now. On the left, scroll to the bottom and there is a link to "tax releif". There is a a program calle Property Tax and Rent Refund (Circuit Breaker) and it will also list the exemptions allowed by the state. On top of that, some towns will help by putting you on a payment plan instead of foreclosure. Heck, towns don't want properties going off the tax rolls. It just increases the burden on everyone else (me included). Some poeple here have gone into payments here for back taxes and sewer and are now not only caught up they are paying ahead. I pre-pay mine all year long and never been behind. It makes sense to allow folks to enter into the agreements. The last thing Eastport needs is more tax exempt property.

That is a lot of data.

Thanks

I had no idea it was compiled and online like that.

[WhoFanMe]

Originally Posted by newenglandgirl

When you go to buy a house and you see the supposedly current property tax amount on the official (MLS) listing, how do you know how old, or how accurate, that amount is? And after you purchase a house, how can you gauge what you will be paying based on the amount in that listing (so you don't faint when you open your first tax bill)? Does the tax assessor say aha! A new resident - let's get the taxes up there!

And, if you do anything at all to the property you just bought - a new roof, or sprucing up the yard, or remodeling the kitchen - are you in for significantly higher taxes (in Maine) on that property?

What's the reality, in Maine?

You don't know, your buyer agent (or you) needs to confirm before writing the offer because your lender will want to know the the exact number (as well as any road or homeowner association fees) before giving you the pre-approval letter that should be submitted with your offer. Depending upon when the listing was entered into MLS, the tax data could be two years old. Agents are supposed to enter the gross tax (not the net amount reduced by the Homestead or Veterans exemptions), but not all follow these rules. The MLS is an advertisement, and the data is only as good as is input by a human being. Buyer beware, trust but verify or any other cliche could be used here.

You shouldn't be surprised by your tax bill because you will probably be paying 6 months or more at closing. Your buyer agent should know what is going on in the community and whether news event dictate higher taxes with the next budget.

In the communities that I work in, unless you are buying new construction, the valuation is not changed when a house sells, it is only when the town does a re-evaluation, which should be done every few years.

[retiredtinbender]

Originally Posted by newenglandgirl

When you go to buy a house and you see the supposedly current property tax amount on the official (MLS) listing, how do you know how old, or how accurate, that amount is? And after you purchase a house, how can you gauge what you will be paying based on the amount in that listing (so you don't faint when you open your first tax bill)? Does the tax assessor say aha! A new resident - let's get the taxes up there!

And, if you do anything at all to the property you just bought - a new roof, or sprucing up the yard, or remodeling the kitchen - are you in for significantly higher taxes (in Maine) on that property?
What's the reality, in Maine?

If your new house is assessed at $50,000 and you paid $145,000 I would imagine that most assessors would question the assessment. Unless you do a large refurbishment/rehab/additions you most likely wouldn't get the assessment raised. If the land values go up from sales for that year you may see a raise in land but not the building.