Oakland, Maine Property Taxes
The median property tax rate in Oakland, ME is 1.72%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Oakland, the typical annual property tax bill reaches $2,341, which is below the national median of $2,690. Property taxes in Oakland 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 Oakland'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 Oakland 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
Oakland, 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 Oakland Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oakland with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oakland to provide an estimate of your property tax bill. This valuable tool offers insights into your potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oakland, Maine
Property taxes in Oakland, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 1.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Maine and the national median. For comparison, the 04963 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Kennebec, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
1.72%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | 1.72% | 1.72% | 1.72% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Maine
In Oakland, 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 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04963 has the highest and lowest median tax bill, both at $2,341.
Average Oakland Assessed Value
$136,450
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 Oakland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | $38,430 | $93,500 | $136,450 | $205,975 | $288,600 |
Source: Ownwell
Property Tax Bills Across Oakland, Maine
In Oakland, located in Kennebec 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 local assessor's office and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $136,450, homeowners in Oakland can expect varying tax bills. The tax bill at the 25th percentile is around $1,601, while at the 75th percentile, it rises to approximately $3,535. At the 90th percentile, the tax bill can be as high as $4,944. These figures highlight the range of tax obligations homeowners may face depending on their property's assessed value. The highest and lowest median tax bills in Oakland are both $2,341, which is slightly above the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners' finances, influencing decisions related to property investment and homeownership.
Average Oakland Tax Bill
$2,341
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | $666 | $1,601 | $2,341 | $3,535 | $4,944 |
Source: Ownwell