Kingfield, Maine Property Taxes
The median property tax rate in Kingfield, ME is 2.00%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Kingfield, the typical annual property tax bill reaches $2,408, slightly below the national median of $2,690. Property taxes in Kingfield 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 Kingfield'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 Kingfield 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
Kingfield, 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 Kingfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kingfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kingfield 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 Kingfield, Maine
Property taxes in Kingfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kingfield is 1.09%, notably higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Kingfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kingfield 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 Kingfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04947 zip code has the highest median property tax rate of 1.09%, while the 04947 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Kingfield 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 Kingfield Tax Rate
2.00%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kingfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | 0.83% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Kingfield, Maine
In Kingfield, 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 Kingfield, 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. For instance, the median home price in Kingfield is $128,554, with tax bills ranging from $1,835 at the 25th percentile to $4,571 at the 90th percentile. The highest and lowest median tax bills both amount to $2,408 in zip code 04947. 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 in Kingfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kingfield Assessed Value
$128,554
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 Kingfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | $67,158 | $99,440 | $128,554 | $184,248 | $272,096 |
Source: Ownwell
Property Tax Bills Across Kingfield, Maine
In Kingfield, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. The tax rate, also known as the mill rate, is set by local government officials and is applied to every $1,000 of assessed value. For example, with a median home price of $128,554, homeowners in Kingfield can expect varying tax bills. The tax bill at the 25th percentile is around $1,835, while at the 75th percentile, it rises to approximately $3,241. For those in the 90th percentile, the tax bill can reach up to $4,571. These figures indicate the range of property tax burdens faced by homeowners, dependent on their property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Kingfield's property tax rates can result in significant variations in annual tax bills, impacting the overall cost of homeownership in the area.
Average Kingfield Tax Bill
$2,408
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Kingfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | $1,212 | $1,835 | $2,408 | $3,241 | $4,571 |
Source: Ownwell