What Are Maine's Standard Property Taxes?

What Are Maine's Standard Property Taxes?

Property taxes in Maine vary depending on the needs of its local jurisdictions, states the Maine Municipal Association. Each municipality computes its property tax based on its mill rate, the amount it requires property owners to pay on each $1,000 of their properties' assessed values.

Each municipality derives its mill rate from the amount of property tax revenue the municipality needs to pay its county, school and municipal obligations, divided by the total value of the local assessed real estate, explains the Maine Municipal Association. As of 2014, property taxes in Maine generate about $2 billion, or 41 percent of the total tax revenue in the state. The taxes provide resources for state and local jurisdictions to function.