MAINE PROPERTY TAXES - questions (sale, real estate market, city hall)

[hlmagan]

Thanks for the info retired. I quoted last year's amount since those are the bills she'd likely be seeing.

[RiverBird]

Thanks for all the immediate replies. They'll be grateful for the references. If I were to move with them I would be interested in the senior tax reductions (if I were to own a place again). I didn't realize that the amt of any senior reductions get taken out of the estate. I think where I am it's just a reduction, period.

I assume your tax rate per thousand is based on assessment? Here the assessment is almost always below sale price. Same generally speaking in Maine?

[RiverBird]

Thanks for all the immediate replies. They'll be grateful for the references. If I were to move with them I would be interested in the senior tax reductions (if I were to own a place again). I didn't realize that the amt of any senior reductions get taken out of the estate. I think where I am it's just a reduction, period.

I assume your tax rate per thousand is based on assessment? Here the assessment is almost always below sale price. Same generally speaking in Maine?

[bangorme]

Just as an example. I bought a forclosed house (that was determined to be "uninhabitable") in Caribou a few years ago for around $70,000. Before it had been trashed, it was valued by the town at $148,000. I argued, to no avail, that the value of the house was what I paid for it, especially since it had been on the market for a year. So I paid property taxes on $148,000.

I find the valuations go up much easier then they come down.

[retiredtinbender]

Originally Posted by newenglandgirl

Thanks for all the immediate replies. They'll be grateful for the references. If I were to move with them I would be interested in the senior tax reductions (if I were to own a place again). I didn't realize that the amt of any senior reductions get taken out of the estate. I think where I am it's just a reduction, period.

I assume your tax rate per thousand is based on assessment? Here the assessment is almost always below sale price. Same generally speaking in Maine?

It sometimes comes in lower than sale but not always. Valuation for structures are based on cost to reconstruct new, less depreciation. How much would it cost you to rebuild the place as it sits. Land is based on market value for that area/town. Different municipalities bear different sales prices, as well as different parts of a town.

[RiverBird]

Originally Posted by retiredtinbender

It sometimes comes in lower than sale but not always. Valuation for structures are based on cost to reconstruct new, less depreciation. How much would it cost you to rebuild the place as it sits. Land is based on market value for that area/town. Different municipalities bear different sales prices, as well as different parts of a town.

So in Maine the assessed value that the taxes are based on could be lower or higher than the sale price. Sounds like a buyer has no control.... ??

[hlmagan]

Originally Posted by newenglandgirl

So in Maine the assessed value that the taxes are based on could be lower or higher than the sale price. Sounds like a buyer has no control.... ??

You could always apply for an abatement, if you can provide proof that the assessment is inaccurate.

[retiredtinbender]

Originally Posted by newenglandgirl

So in Maine the assessed value that the taxes are based on could be lower or higher than the sale price. Sounds like a buyer has no control.... ??

The control comes during the budget process. The towns valuation is its assets and the spending is where the control lies. The budget process is a public forum. You have some control over the spending but it's like an election: the majority rules.

Just bescause someone gets a good deal or a bad one and pays too much does not solely set teh value. Valueations come from a trend in sales.

[RiverBird]

Originally Posted by retiredtinbender

The control comes during the budget process. The towns valuation is its assets and the spending is where the control lies. The budget process is a public forum. You have some control over the spending but it's like an election: the majority rules.

Just bescause someone gets a good deal or a bad one and pays too much does not solely set teh value. Valueations come from a trend in sales.

A ongoing thanks for all replies

[RiverBird]

Originally Posted by Northern Maine Land Man

Thanks for any info, and if there's one agency that answers all please let us know.

That would be me. I can tell you the 2008 tax rate in any town in Maine. The 2009 rates have not been reported yet. They usually run a year or more behind.

Thanks for all the good info. Is there a website that shows comparison of property tax between the different cities and towns?