Newry, Maine Property Taxes
The median property tax rate in Newry, ME is 0.83%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Newry at $197,500, the typical annual property tax bill amounts to $1,649, well below the national median of $2,690. Property taxes in Newry are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newry'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 Newry or another part of Oxford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newry, 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 Newry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newry 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 Newry, Maine
Property taxes in Newry, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newry is 0.83%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Newry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newry 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 Newry's effective property tax rate to other counties in Maine and the national median. For comparison, the 04261 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Newry provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newry Tax Rate
0.83%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | 0.83% | 0.83% | 0.83% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Newry, Maine
In Newry, 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 Oxford 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 Newry, 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 Newry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,649, found in the 04261 zip code.
Average Newry Assessed Value
$197,500
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | $141,830 | $173,300 | $197,500 | $256,625 | $362,510 |
Source: Ownwell
Property Tax Bills Across Newry, Maine
Property tax bills in Newry, located in Oxford County, ME, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. This value is then multiplied by the tax rate to determine the annual tax bill. For example, with a median home price of $197,500, homeowners in Newry might expect a tax bill ranging from $1,447 at the 25th percentile to $3,027 at the 90th percentile. These figures reflect the variation in property values and the local tax rate, which can significantly impact the amount homeowners pay annually. Compared to the national median property tax rate of 0.99%, Newry's rates can vary, influencing the financial burden on homeowners. Understanding these factors helps homeowners plan their finances and anticipate their property tax obligations, ensuring they are prepared for annual expenses.
Average Newry Tax Bill
$1,649
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Newry, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | $1,184 | $1,447 | $1,649 | $2,142 | $3,027 |
Source: Ownwell