Falmouth, Maine Property Taxes
The median property tax rate in Falmouth, ME is 1.19%, which is higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $651,100 in Falmouth, the typical annual property tax bill reaches $7,769, significantly exceeding the national median of $2,690. Property taxes in Falmouth are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Falmouth'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 Falmouth 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
Falmouth, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$7,748
Ownwell’s Falmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falmouth 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 Falmouth, Maine
Property taxes in Falmouth, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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 Falmouth's effective property tax rate to other counties in Maine and the national median. For comparison, the 04105 zip code has the highest median property tax rate of 1.19%, while the same 04105 zip code has the lowest median tax rate of 1.19%. Understanding how these cities compare with Falmouth 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 Falmouth Tax Rate
1.19%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04105 | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Maine
In Falmouth, 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 Cumberland 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 Falmouth, 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 Falmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Falmouth is $651,100, with tax bills ranging from $5,691 at the 25th percentile to $14,215 at the 90th percentile. The highest and lowest median tax bills are both $7,769 in the 04105 zip code.
Average Falmouth Assessed Value
$651,100
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 Falmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04105 | $370,200 | $476,000 | $651,100 | $875,600 | $1,192,400 |
Source: Ownwell
Property Tax Bills Across Falmouth, Maine
In Falmouth, Cumberland County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town’s assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $651,100, homeowners can expect varying tax bills depending on the specific assessments and rates. The 25th percentile tax bill stands at $5,691, while those in the 75th percentile face a bill of $10,437. At the 90th percentile, the tax bill can reach up to $14,215. These figures underscore the significant impact property taxes can have on homeowners, with the highest median tax bill in the 04105 zip code being $7,769. Comparatively, this is substantially higher than the national median property tax rate of 0.99%, reflecting the local variations in property tax rates and home values.
Average Falmouth Tax Bill
$7,769
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04105 | $4,427 | $5,691 | $7,769 | $10,437 | $14,215 |
Source: Ownwell