Peaks Island, Maine Property Taxes
The median property tax rate in Peaks Island, ME is 1.44%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Peaks Island at $432,000, the typical annual property tax bill reaches $6,225, significantly exceeding the national median of $2,690. Property taxes in Peaks Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Peaks Island'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 Peaks Island or another part of Cumberland County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peaks Island, 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 Peaks Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peaks Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peaks 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 Peaks Island, Maine
Property taxes in Peaks Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peaks Island is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Peaks Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peaks 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 Peaks Island's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the zip code 04108 has the highest median property tax rate of 1.44%, while the same zip code also represents the lowest median tax rate of 1.44%. Understanding how these areas compare with Peaks 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 Peaks Island Tax Rate
1.44%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peaks Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04108 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Peaks Island, Maine
In Peaks 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 Peaks 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. Peaks Island has a median home price of $432,000, with tax bills ranging from $4,879 at the 25th percentile to $10,890 at the 90th percentile. The zip code with the highest and lowest median tax bill is 04108, both at $6,225. By understanding 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.
Average Peaks Island Assessed Value
$432,000
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 Peaks Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04108 | $279,400 | $338,600 | $432,000 | $575,850 | $755,700 |
Source: Ownwell
Property Tax Bills Across Peaks Island, Maine
Property tax bills in Peaks Island, located in Cumberland County, ME, are calculated based on the assessed value of the property and the local tax rate. The median home price in Peaks Island is $432,000. Homeowners can expect their property tax bill to vary significantly, with the 25th percentile at $4,879 and the 75th percentile reaching $8,298. For those in the 90th percentile, the tax bill can go up to $10,890. The tax bill is determined by multiplying the assessed value of the home by the local tax rate. Factors such as property size, location, and market conditions are considered in the assessment process. This system ensures that homeowners contribute fairly to community services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Peaks Island's property tax bills reflect the local economic conditions and funding needs, making it crucial for homeowners to understand how these dynamics impact their annual expenses.
Average Peaks Island Tax Bill
$6,225
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Peaks Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04108 | $4,026 | $4,879 | $6,225 | $8,298 | $10,890 |
Source: Ownwell