Maine— Property Tax & Closing Costs
2024 Census dataEffective tax rate
1.16%
of assessed value annually
Median home value
$214,100
2024 ACS survey
Median taxes paid
$2,481/yr
2024 data
Penobscot County's 1.16% effective property tax rate falls in the middle 50% of US counties — close to the national median of 0.81%. Within Maine's 16 counties, it's the 3rd highest. On the county's median home value of $214,100, the typical homeowner pays $2,481 annually in property tax — $852 more than the national median of $1,629. At closing, Maine's 0.88% combined real estate transfer tax adds roughly $1,884 on a median-priced home, split between buyer and seller.
Calculate your true cost
Enter any purchase price to see the full cost breakdown for Penobscot County.
County median: $214,100
Leave at $0 if the property has no homeowners association.
LTV: 80.00%
At closing
Monthly ongoing
Year one
Low flood risk. Flood insurance not typically required. Verify at msc.fema.gov for your specific property.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 6.8% — your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Maine property tax exemptions
Ways buyers in Penobscot County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Maine Homestead Exemption
Up to $25,000 reduction in assessed value for permanent Maine residents who have owned a Maine home for 12+ months and use it as their primary residence. Adjusted by local certified ratio.
View official source →Veteran Property Tax Exemption
$6,000 exemption for wartime veterans 62+ or 100% disabled; $50,000 for veterans with 50-90% service-connected disability or paraplegic-grant recipients; $100,000 for 100% service-connected disabled veterans.
View official source →Property Tax Fairness Credit
Refundable income tax credit for Maine residents whose property tax or rent exceeds a percentage of household income; expanded benefit for veterans.
View official source →Last verified 2026-04. Exemption amounts and eligibility change frequently — always confirm with your county assessor before claiming.
Frequently asked questions
Answers to common questions about buying a home in Penobscot County.
The effective property tax rate in Penobscot County is 1.16% — calculated as the median annual property tax paid ($2,481) divided by the median home value ($214,100), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
Maine's combined real estate transfer tax is approximately 0.88% of the purchase price. On the median Penobscot County home value of $214,100, this adds roughly $1,884 at closing. $2.20/$500 (0.44%) each party — imposed half on grantor and half on grantee per 36 M.R.S.A. §4641-A. Effective November 1, 2025, an additional $3.80/$500 surcharge applies to the portion of price above $1 million. Not reflected in flat rate.
Flood risk is relatively low. Only 1.8% of Penobscot County's land falls within a FEMA Special Flood Hazard Area. Flood insurance is not typically required, though individual properties near waterways may still be in a zone — verify at msc.fema.gov.
Closing costs for a buyer in Penobscot County typically run $4,282–$10,705 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Data sources for Penobscot County
Every figure on this page is traceable. Verify the numbers yourself against the original public data.
Source for the 1.16% effective property tax rate, median home value, and median taxes paid (ACS 5-year, 2024 vintage).
Source for county-level flood zone exposure, wildfire risk, and other natural hazard ratings. Updated quarterly by FEMA.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Penobscot County.
Guides for Maine home buyers
What every buyer should read before making an offer.
HOA Documents
HOA lawsuits — how to check for pending litigation against your future HOA before you close
A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA Documents
Undisclosed HOA special assessment — what you can do if you find out after closing
HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before — and what to do after.
Read the guide →