Cross Lake Twp, Maine Property Taxes
The median property tax rate in Cross Lake Twp, ME is 0.70%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $137,830 in Cross Lake Twp, the typical annual property tax bill is around $1,005, well below the national median of $2,690. Property taxes in Cross Lake Twp are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cross Lake Twp's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cross Lake Twp or another part of Aroostook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cross Lake Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$965
Ownwell’s Cross Lake Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cross Lake Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cross Lake Twp to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cross Lake Twp, Maine
Property taxes in Cross Lake Twp, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cross Lake Twp is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Cross Lake Twp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cross Lake Twp estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Cross Lake Twp's effective property tax rate to other counties in Maine and the national median. For comparison, the 04779 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Cross Lake Twp provides valuable insights into the varying tax landscape across Aroostook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cross Lake Twp Tax Rate
0.70%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cross Lake Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04779 | 0.70% | 0.70% | 0.70% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Cross Lake Twp, Maine
In Cross Lake Twp, Maine, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Aroostook County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Cross Lake Twp, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Cross Lake Twp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04779, both at $1005.
Average Cross Lake Twp Assessed Value
$137,830
Average Aroostook County Assessed Value
$86,999
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cross Lake Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04779 | $70,404 | $88,435 | $137,830 | $183,740 | $227,542 |
Source: Ownwell
Property Tax Bills Across Cross Lake Twp, Maine
In Cross Lake Township, Aroostook County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the township's property assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $137,830, homeowners can expect varying tax bills. The 25th percentile tax bill is around $608, while those in the 75th percentile pay approximately $1305. At the 90th percentile, the tax bill can reach up to $1629. These figures illustrate how property taxes can significantly impact homeowners, depending on the assessed value of their property. Comparatively, the national median property tax rate is 0.99%, making Cross Lake Township's rates relatively consistent with national averages. Homeowners in this area should be aware of these factors to better understand their annual property tax obligations and how they might fluctuate based on property assessments and local tax rates.
Average Cross Lake Twp Tax Bill
$1,005
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cross Lake Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04779 | $496 | $608 | $1,005 | $1,305 | $1,629 |
Source: Ownwell