Greenville, Maine, Experiences 205% Spike in Waterfront Property Values, Raising Tax Concerns
Waterfront property values in Greenville, Maine, have surged by an average of 205% following the lakefront community's first market adjustment in decades. This significant increase is leading to higher tax bills for many property owners in the Piscataquis County town, which features a mix of multimillion-dollar homes and more modest residences around Moosehead Lake. The area has seen a substantial rise in home values since the onset of the pandemic. Town Manager Mike Roy noted that the entire Moosehead Lake region is experiencing rapid growth. This situation mirrors trends in other small Maine towns where land values are increasing due to a nationwide housing shortage and high demand from out-of-state buyers. While property values have risen by 205%, the town has adjusted its mil rate from $20.85 to $11.47 per $1,000 of property, meaning tax increases will not be proportional to the value spike. However, the state's assessment now designates Greenville as the most valuable town in Piscataquis County, impac...