Cumberland Center, Maine Property Taxes
The median property tax rate in Cumberland Center, ME is 2.12%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $318,000 in Cumberland Center, the typical annual property tax bill reaches $6,747, far exceeding the national median of $2,690. Property taxes in Cumberland Center are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Cumberland Center's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cumberland Center 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
Cumberland Center, 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 Cumberland Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland Center 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 Cumberland Center, Maine
Property taxes in Cumberland Center, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland Center is 2.12%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cumberland Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland Center 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 Cumberland Center's effective property tax rate to other counties in Maine and the national median. For comparison, the 04021 zip code has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Cumberland Center provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cumberland Center Tax Rate
2.12%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland Center, Maine
In Cumberland Center, 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 local 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 Cumberland Center, 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 example, the median home price in Cumberland Center is $318,000, and the median tax bill is $6,747. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cumberland Center, Maine
Source: Ownwell
$153,100
$460,950
$768,800
Average Cumberland Center Assessed Value
$318,000
Average Cumberland County Assessed Value
$319,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cumberland Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | $207,940 | $247,150 | $318,000 | $421,850 | $526,400 |
Source: Ownwell
Property Tax Bills Across Cumberland Center, Maine
In Cumberland Center, ME, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $318,000. The local government assesses the value of each property, which is then multiplied by the tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's size, location, and condition. Homeowners in Cumberland Center typically see a range of property tax bills. For instance, the 25th percentile tax bill is around $5,242, while those in the 75th percentile pay approximately $8,941. At the higher end, the 90th percentile tax bill can reach up to $11,153. Compared to the national median property tax rate of 0.99%, Cumberland Center's property taxes can significantly impact homeowners' budgets. The highest median tax bill in the area is $6,747, which is notably higher than the national average, reflecting the region's property values and tax rate.
Average Cumberland Center Tax Bill
$6,747
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland Center, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | $4,411 | $5,242 | $6,747 | $8,941 | $11,153 |
Source: Ownwell