Jefferson, Maine Property Taxes
The median property tax rate in Jefferson, ME is 1.51%, which is higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Jefferson, the typical annual property tax bill reaches $2,400, slightly below the national median of $2,690. Property taxes in Jefferson 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 Jefferson'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 Jefferson 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
Jefferson, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,384
Ownwell’s Jefferson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jefferson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jefferson 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 Jefferson, Maine
Property taxes in Jefferson, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jefferson is 1.51%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Jefferson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jefferson 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 Jefferson's effective property tax rate to other counties in Maine and the national median. For comparison, the 04348 zip code has the highest median property tax rate of 1.51%, while the 04348 zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Jefferson provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jefferson Tax Rate
1.51%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jefferson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | 1.50% | 1.50% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Jefferson, Maine
In Jefferson, 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 Lincoln 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 Jefferson, 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 Jefferson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median tax bill in Jefferson is $2,400, with the zip code 04348 having both the highest and lowest median tax bills at $2,400.
Average Jefferson Assessed Value
$157,900
Average Lincoln County Assessed Value
$224,290
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jefferson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | $86,140 | $119,600 | $157,900 | $204,300 | $276,340 |
Source: Ownwell
Property Tax Bills Across Jefferson, Maine
In Jefferson, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the estimated market value of the property. Homeowners in Jefferson see a median home price of $157,900, which serves as a baseline for these calculations. The tax rate in Jefferson is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and condition can influence the assessed value, leading to variations in tax bills. For instance, the 25th percentile of tax bills in Jefferson is $1,856, while the 75th percentile reaches $3,097, and the 90th percentile can go up to $4,285. These property tax bills significantly impact homeowners, as they represent a recurring cost that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Jefferson's tax rates can vary, affecting overall affordability and financial planning for residents.
Average Jefferson Tax Bill
$2,400
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Jefferson, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | $1,332 | $1,856 | $2,400 | $3,097 | $4,285 |
Source: Ownwell