Oakfield, Maine Property Taxes
The median property tax rate in Oakfield, ME is 1.91%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Oakfield, the typical annual property tax bill reaches $1,182, exceeding the national median of $2,690. Property taxes in Oakfield 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 Oakfield'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 Oakfield 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
Oakfield, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$1,184
Ownwell’s Oakfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakfield 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 Oakfield, Maine
Property taxes in Oakfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakfield is 1.91%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Oakfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakfield 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 Oakfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04763 zip code has both the highest and lowest median property tax rate of 1.91%. Understanding how these cities compare with Oakfield 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 Oakfield Tax Rate
1.91%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04763 | 1.91% | 1.91% | 1.91% | 1.91% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Oakfield, Maine
In Oakfield, 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 Oakfield, 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 Oakfield 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 04763, both at $1,182.
Average Oakfield Assessed Value
$62,000
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 Oakfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04763 | $31,500 | $45,000 | $62,000 | $93,700 | $128,400 |
Source: Ownwell
Property Tax Bills Across Oakfield, Maine
In Oakfield, property tax bills are calculated based on the assessed value of your home and the local tax rate. For homeowners, the median home price stands at $62,000. The tax bill is influenced by various factors, including property size, location, and improvements. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Oakfield typically see tax bills ranging from $858 at the 25th percentile to $1,786 at the 75th percentile, with the 90th percentile reaching up to $2,448. These figures indicate that while some homeowners may pay less, others could face significantly higher bills based on their property’s assessed value. Compared to the national median property tax rate of 0.99%, Oakfield's property tax rates can be relatively moderate, though the exact rate may vary. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Oakfield Tax Bill
$1,182
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04763 | $600 | $858 | $1,182 | $1,786 | $2,448 |
Source: Ownwell