West Farmington, Maine Property Taxes
The median property tax rate in West Farmington, ME is 1.80%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in West Farmington, the typical annual property tax bill reaches $1,375, exceeding the national median of $2,690. Property taxes in West Farmington 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 West Farmington'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 West Farmington 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
West Farmington, 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 WEST FARMINGTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST FARMINGTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST FARMINGTON 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 West Farmington, Maine
Property taxes in West Farmington, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in West Farmington is 1.80%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within West Farmington set these rates annually, and they can vary considerably across different neighborhoods. Each year, West Farmington 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 West Farmington's effective property tax rate to other areas in Maine and the national median. For comparison, the ZIP code 04992 has both the highest and lowest median property tax rate of 1.80%. Understanding how these areas compare with West Farmington 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 West Farmington Tax Rate
1.80%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04992 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across West Farmington, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in West Farmington, 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 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 West Farmington, 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 median home price in West Farmington is $76,400, and the median tax bill is $1,375. The zip code 04992 has both the highest and lowest median tax bill, set at $1,375. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average West Farmington Assessed Value
$76,400
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 West Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04992 | $76,400 | $76,400 | $76,400 | $76,400 | $76,400 |
Source: Ownwell
Property Tax Bills Across West Farmington, Maine
In West Farmington, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is based on the market value of the property, which in West Farmington has a median home price of $76,400. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in this area, the median property tax bill is $1,375, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can place a notable financial burden on homeowners, impacting their overall cost of living. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value, thereby affecting the tax bill. In Franklin County, where West Farmington is located, property taxes are a crucial source of revenue for local services, but they also represent a significant expense for property owners.
Average West Farmington Tax Bill
$1,375
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across West Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04992 | $1,375 | $1,375 | $1,375 | $1,375 | $1,375 |
Source: Ownwell