Madawaska, Maine Property Taxes
The median property tax rate in Madawaska, ME is 2.28%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Madawaska, the typical annual property tax bill reaches $1,958, which exceeds the national median of $2,690. Property taxes in Madawaska 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 Madawaska'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 Madawaska 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
Madawaska, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,962
Ownwell’s Madawaska Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madawaska with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madawaska 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 Madawaska, Maine
Property taxes in Madawaska, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madawaska is 2.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Madawaska set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madawaska 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 Madawaska's effective property tax rate to other counties in Maine and the national median. For comparison, the 04756 zip code has both the highest and lowest median property tax rate of 2.28%. Understanding how these cities compare with Madawaska 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 Madawaska Tax Rate
2.28%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madawaska, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04756 | 2.27% | 2.27% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Madawaska, Maine
In Madawaska, 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 Madawaska, 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 Madawaska helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $86,050, with tax bills ranging from $1,404 at the 25th percentile to $3,496 at the 90th percentile. The zip code 04756 has both the highest and lowest median tax bill at $1,958.
Average Madawaska Assessed Value
$86,050
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 Madawaska, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04756 | $46,030 | $61,700 | $86,050 | $117,025 | $153,670 |
Source: Ownwell
Property Tax Bills Across Madawaska, Maine
Property tax bills in Madawaska, located in Aroostook County, ME, are determined by assessing the value of a property and applying the local tax rate to that assessed value. The median home price in Madawaska is $86,050, and the property tax rate is applied to this value to calculate the annual tax bill. Key factors influencing the tax bill include the property's assessed value, which can fluctuate based on market conditions and property improvements, and the specific tax rate set by local authorities. Homeowners in Madawaska can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is around $1,404, while at the 75th percentile, it reaches approximately $2,662. For those at the 90th percentile, the tax bill can be as high as $3,496. These variations highlight how individual property assessments and local tax rates impact the financial obligations of homeowners. Compared to the national median property tax rate of 0.99%, Madawaska's tax rates reflect the local economic and real estate conditions, directly affecting the affordability and financial planning for residents.
Average Madawaska Tax Bill
$1,958
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Madawaska, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04756 | $1,048 | $1,404 | $1,958 | $2,662 | $3,496 |
Source: Ownwell