Oxbow, Maine Property Taxes
The median property tax rate in Oxbow, ME is 0.70%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Oxbow, the typical annual property tax bill reaches $1,103, falling well below the national median of $2,690. Property taxes in Oxbow 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 Oxbow'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 Oxbow 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
Oxbow, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,095
Ownwell’s Oxbow Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oxbow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oxbow to provide an accurate estimate of your property tax bill. This insightful tool allows you to understand potential tax liabilities, helping you make informed financial decisions. For those interested in more granular trends, additional localized information is available by scrolling down. Your property’s assessed value, determined by Aroostook County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Oxbow, Maine
Property taxes in Oxbow, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oxbow is 0.70%, which is lower than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Oxbow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oxbow 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 Oxbow's effective property tax rate to other counties in Maine and the national median. For comparison, the 04764 zip code has the highest median property tax rate of 0.70%, while the 04764 zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Oxbow 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 Oxbow 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 Oxbow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04764 | 0.70% | 0.70% | 0.70% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Oxbow, Maine
In Oxbow, 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 Oxbow, 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 Oxbow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04764 has both the highest and lowest median tax bill at $1,103.
Average Oxbow Assessed Value
$156,450
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 Oxbow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04764 | $65,326 | $103,630 | $156,450 | $187,040 | $235,108 |
Source: Ownwell
Property Tax Bills Across Oxbow, Maine
In Oxbow, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Aroostook County. The assessed value is determined by the county assessor and reflects the market value of your property. For instance, the median home price in Oxbow is $156,450. The tax rate is applied to this assessed value to calculate your annual property tax bill. Several factors influence the assessed value, including the size of your property, location, and any improvements made. The tax bill can vary significantly; for example, the 25th percentile tax bill is $731, while the 75th percentile reaches $1319, and the 90th percentile can be as high as $1658. These variations affect homeowners differently, impacting their annual budget and financial planning. Compared to the national median property tax rate of 0.99%, Oxbow's property taxes are relatively moderate, offering a balanced approach for homeowners in managing their expenses.
Average Oxbow Tax Bill
$1,103
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Oxbow, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04764 | $460 | $731 | $1,103 | $1,319 | $1,658 |
Source: Ownwell