Gray, Maine Property Taxes
The median property tax rate in Gray, ME is 1.52%, which is significantly higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With a median home value of $274,100 in Gray, the typical annual property tax bill amounts to $4,161, far exceeding the national median of $2,690. Property taxes in Gray are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Gray'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 Gray or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gray, 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 Gray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gray 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 Gray, Maine
Property taxes in Gray, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gray is 1.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray 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 Gray's effective property tax rate to other counties in Maine and the national median. For comparison, the 04039 zip code has both the highest and lowest median property tax rate of 1.52%. Understanding how these cities compare with Gray 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 Gray Tax Rate
1.52%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gray, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04039 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gray, Maine. 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 Gray, 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 Gray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gray is $274,100, with the highest median tax bill being $4,161 in zip code 04039 and the lowest median tax bill also being $4,161 in the same zip code.
Average Gray Assessed Value
$274,100
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 Gray, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04039 | $159,800 | $219,600 | $274,100 | $337,200 | $410,760 |
Source: Ownwell
Property Tax Bills Across Gray, Maine
In Gray, Cumberland County, ME, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines this value, which is intended to reflect the property's market value. Several factors influence the assessed value, including the property's size, condition, location, and recent sale prices of comparable properties in the area. Once the assessed value is established, the tax rate, also known as the mill rate, is applied. Homeowners in Gray can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $3,334, while the 75th percentile reaches $5,119, and the 90th percentile climbs to $6,235. These figures can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how property tax bills are calculated helps homeowners in Gray plan their finances better and anticipate changes in their annual tax obligations.
Average Gray Tax Bill
$4,161
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04039 | $2,426 | $3,334 | $4,161 | $5,119 | $6,235 |
Source: Ownwell