Pine Point, Maine Property Taxes
The median property tax rate in Pine Point, ME is 1.60%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Pine Point, the typical annual property tax bill reaches $8,076, significantly surpassing the national median of $2,690. Property taxes in Pine Point 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 Pine Point'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 Pine Point 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
Pine Point, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$8,091
Ownwell’s Pine Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pine Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pine Point 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 Pine Point, Maine
Property taxes in Pine Point, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pine Point is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pine Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pine Point 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 Pine Point's effective property tax rate to other counties in Maine and the national median. For comparison, the 04074 zip code has the highest median property tax rate of 1.60%, while the 04074 zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Pine Point 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 Pine Point Tax Rate
1.60%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pine Point, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04074 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Pine Point, Maine
In Pine Point, 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 Pine Point, 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 Pine Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pine Point is $505,700, with tax bills ranging from $6,351 at the 25th percentile to $15,920 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 04074, with a median tax bill of $8,076.
Average Pine Point Assessed Value
$505,700
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 Pine Point, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04074 | $369,020 | $397,675 | $505,700 | $896,400 | $996,850 |
Source: Ownwell
Property Tax Bills Across Pine Point, Maine
In Pine Point, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Pine Point face a property tax rate that is higher than the national median of 0.99%, resulting in significant tax bills. For example, the median home price in Pine Point is $505,700, leading to substantial tax obligations. At the 25th percentile, property tax bills are around $6,351, while at the 75th percentile, they soar to $14,316. The highest tax bills, at the 90th percentile, reach up to $15,920. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners. Understanding these factors helps homeowners anticipate their annual tax liabilities and plan their finances accordingly.
Average Pine Point Tax Bill
$8,076
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Pine Point, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04074 | $5,893 | $6,351 | $8,076 | $14,316 | $15,920 |
Source: Ownwell