Bangor Assessor Announces 2026 Property Tax Updates and Mill Rate

City Assessor Phil Drew presented the annual assessment update for the 2026-2027 fiscal year, noting that the mill rate has decreased to 17.13 per thousand. The presentation detailed significant increases in assessed values for residential and commercial properties to align with rising market prices, while explaining that the city's contracted appraisal firm did not deliver preliminary data on time.

Key points

• The mill rate for fiscal year 2027 is set at 17.13 per thousand, a 3 percent reduction from the previous year's rate of 17.70.
• Assessed values for single-family homes increased by 10 percent, while two-unit properties rose by 13 percent and properties with three or more units increased by 15 percent.
• Commercial and industrial property values saw median increases ranging from 5 to 20 percent, with specific adjustments made for areas like the State Street neighborhood which saw a slight reduction.
• The city used existing property data for the assessment because KRT Appraisal LLC failed to deliver preliminary real estate values as contracted.
• Residential properties now account for 49.9 percent of the property tax burden, slightly exceeding the 45.2 percent share paid by commercial and industrial properties.
• The median sale price for single-family homes in Bangor reached approximately 284,900 dollars, reflecting a 5.5 percent year-over-year increase.

Next steps

• The assessing department will continue to refine valuation models for three and four-unit properties, which currently show median sales ratios in the 70 percent range.
• Property owners are encouraged to review the presentation on the City Assessor's webpage or contact the office at 207-992-4209 for questions regarding exemptions and assessments.

Read the full transcript