Fort Fairfield, Maine Property Taxes
The median property tax rate in Fort Fairfield, ME is 2.65%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Fort Fairfield, the typical annual property tax bill reaches $2,267, slightly below the national median of $2,690. Property taxes in Fort Fairfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Fairfield'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 Fort Fairfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Fairfield, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Fort Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Fairfield 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 Fort Fairfield, Maine
Property taxes in Fort Fairfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Fairfield is 1.33%, notably higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Fort Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Fairfield 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 Fort Fairfield's effective property tax rate to other counties in Maine and the national median. For comparison, the ZIP code 04742 has the highest median property tax rate of 1.33%, while the same ZIP code also has the lowest median tax rate of 1.33%. Understanding how these areas compare with Fort Fairfield 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 Fort Fairfield Tax Rate
2.65%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Fairfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04742 | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Fort Fairfield, Maine
In Fort Fairfield, 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 Fort Fairfield, 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. For instance, the median home price here is $85,550, with tax bills ranging from $1,663 at the 25th percentile to $4,638 at the 90th percentile. 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 Fort Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Fairfield Assessed Value
$85,550
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 Fort Fairfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04742 | $39,598 | $62,750 | $85,550 | $116,640 | $175,036 |
Source: Ownwell
Property Tax Bills Across Fort Fairfield, Maine
In Fort Fairfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value takes into account the market value of the property, recent sales of similar properties, and any improvements or changes made to the property. Homeowners in Fort Fairfield, located in Aroostook County, can expect to pay a property tax rate that reflects the local government's budget needs and the services provided to the community. For instance, with a median home price of $85,550, tax bills can vary widely. At the 25th percentile, homeowners might pay around $1,663, while those at the 75th percentile could see tax bills as high as $3,091. For the top 10% of property values, the tax bill can reach up to $4,638. These variations significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Fort Fairfield's rates highlight the importance of understanding local tax obligations.
Average Fort Fairfield Tax Bill
$2,267
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Fairfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04742 | $1,050 | $1,663 | $2,267 | $3,091 | $4,638 |
Source: Ownwell