Industry, Maine Property Taxes
The median property tax rate in INDUSTRY, ME is 1.49%, which is considerably higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With the median home value in INDUSTRY, the typical annual property tax bill reaches $1,854, falling below the national median of $2,690. Property taxes in INDUSTRY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding INDUSTRY'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 INDUSTRY or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Industry, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,789
Ownwell’s INDUSTRY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in INDUSTRY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INDUSTRY 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 Industry, Maine
Property taxes in INDUSTRY, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in INDUSTRY is 1.49%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within INDUSTRY set these rates annually, and they can vary significantly across different neighborhoods. Each year, INDUSTRY 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 INDUSTRY's effective property tax rate to other counties in Maine and the national median. For comparison, the 04938 zip code has the highest median property tax rate of 1.49%, while the 04938 zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with INDUSTRY provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Industry Tax Rate
1.49%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Industry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Industry, Maine
In INDUSTRY, 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 Franklin 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 INDUSTRY, 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. The highest median tax bill in INDUSTRY is $1854.00 in zip code 04938, which also has the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Industry Assessed Value
$120,100
Average Franklin County Assessed Value
$119,100
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Industry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | $49,100 | $75,400 | $120,100 | $168,750 | $233,930 |
Source: Ownwell
Property Tax Bills Across Industry, Maine
In INDUSTRY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $120,100 in Franklin County, the tax bills vary significantly. Homeowners in the 25th percentile face a tax bill of around $1,124, while those in the 75th percentile pay approximately $2,514. The 90th percentile sees tax bills as high as $3,492. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax burden in INDUSTRY can be substantial, particularly for higher-valued properties. This variation in tax bills can significantly impact homeowners, influencing their overall cost of living and potentially affecting property values and market dynamics in the region.
Average Industry Tax Bill
$1,854
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Industry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | $732 | $1,124 | $1,854 | $2,514 | $3,492 |
Source: Ownwell