Frye Island, Maine Property Taxes
The median property tax rate in Frye Island, ME is 1.59%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Frye Island, the typical annual property tax bill reaches $2,767, slightly above the national median of $2,690. Property taxes in Frye Island 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 Frye Island'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 Frye Island 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
Frye Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$2,767
Ownwell’s Frye Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frye Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frye Island 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 Frye Island, Maine
Property taxes in Frye Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frye Island is 1.59%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Frye Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frye Island 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 Frye Island's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04071 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Frye Island 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 Frye Island Tax Rate
1.59%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frye Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04071 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Frye Island, Maine
In Frye Island, 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 Frye Island, 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 Frye Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $2767 in zip code 04071.
Average Frye Island Assessed Value
$174,000
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 Frye Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04071 | $174,000 | $174,000 | $174,000 | $174,000 | $174,000 |
Source: Ownwell
Property Tax Bills Across Frye Island, Maine
In Frye Island, located in Cumberland County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Frye Island is $174,000, and the property tax rate is applied to this value to determine the annual tax bill. Factors considered in the assessment include the property's market value, location, and any improvements or renovations made to the home. For homeowners in Frye Island, the median property tax bill stands at $2,767, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can have a considerable impact on homeowners, influencing their overall cost of living and potentially affecting property values in the area. Understanding how these taxes are calculated can help homeowners better plan their finances and make informed decisions about property ownership in Frye Island.
Average Frye Island Tax Bill
$2,767
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Frye Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04071 | $2,767 | $2,767 | $2,767 | $2,767 | $2,767 |
Source: Ownwell