When shopping for a home, focus on the growth of the community you will be moving into. If you have children, where they will go to school? If you are starting a family, where is the closest hospital? Once you determine the importance of these areas then take into consideration the property taxes for the home you are looking to buy.
Property taxes are expenses placed on homes and business establishments, often enforced by local governmental agencies at the county or municipal levels. Property taxes are funneled into larger local projects, organizations, and companies. These range from local educational programs, local government funding, and even local medical services. Depending on the state, property taxes range between 0.2 - 4% of home value. In Maine, property tax rates hover around 1.09% of house value.
Areas that are experiencing expanded growth and new school building projects will often have a higher property tax than others. The provision of fire, police & rescue services, garbage pick-up, public parks & play grounds, community centers, and free public libraries may also increase property tax in any given location. How much value can you put on community services and access to amenities? That is a personal decision that must be made when shopping for a home or considering areas that may have higher property taxes.
Can you put a limit to growth of a community verse the taxes you pay for that growth? That is a personal decision that should be made before shopping for a home, or within specific areas that may have higher property taxes.
If you are confused about property tax rates, closing costs, or buying real estate, please give our offices a call to discuss your concerns or thoughts. Our experienced and professional staff will be more than happy to walk you through the numbers, and are more than willing to answer any questions you may have.