Farmingdale, Maine Property Taxes
The median property tax rate in Farmingdale, ME is 2.05%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Farmingdale, the typical annual property tax bill reaches $2,757, exceeding the national median of $2,690. Property taxes in Farmingdale 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 Farmingdale'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 Farmingdale 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
Farmingdale, 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 Farmingdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmingdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmingdale 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 Farmingdale, Maine
Property taxes in Farmingdale, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmingdale is 2.05%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farmingdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmingdale 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 Farmingdale's effective property tax rate to other counties in Maine and the national median. For comparison, the 04344 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Farmingdale provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmingdale Tax Rate
2.05%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmingdale, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04344 | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Farmingdale, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmingdale, 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 Kennebec 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 Farmingdale, 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 Farmingdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04344 has the highest and lowest median tax bill, which stands at $2,757.
Average Farmingdale Assessed Value
$133,700
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmingdale, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04344 | $67,920 | $103,000 | $133,700 | $169,600 | $228,160 |
Source: Ownwell
Property Tax Bills Across Farmingdale, Maine
In Farmingdale, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Farmingdale is $133,700, and the property tax rate in Kennebec County often results in varying tax bills. For example, homeowners in the 25th percentile can expect to pay around $2,120 annually, while those in the 75th percentile may pay about $3,497. At the 90th percentile, the tax bill can reach up to $4,717. Factors influencing these tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Farmingdale's property tax bills can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners in Farmingdale anticipate their annual tax obligations and plan their finances accordingly.
Average Farmingdale Tax Bill
$2,757
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmingdale, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04344 | $1,435 | $2,120 | $2,757 | $3,497 | $4,717 |
Source: Ownwell