Rumford, Maine Property Taxes
The median property tax rate in Rumford, ME is 2.22%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Rumford, the typical annual property tax bill reaches $2,129, which is below the national median of $2,690. Property taxes in Rumford are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rumford'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 Rumford 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
Rumford, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$2,131
Ownwell’s Rumford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rumford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rumford 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 Rumford, Maine
Property taxes in Rumford, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rumford is 2.22%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Rumford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rumford 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 Rumford's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04276 has both the highest and lowest median property tax rate of 2.22%. Understanding how these values compare with Rumford 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 Rumford Tax Rate
2.22%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rumford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04276 | 2.22% | 2.22% | 2.22% | 2.22% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Rumford, Maine
In Rumford, 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 Rumford, 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 Rumford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rumford is $96,000, with the 25th percentile tax bill at $1,566 and the 75th percentile at $2,868. The highest median tax bill is $2,129 in zip code 04276, which is also the lowest.
Average Rumford Assessed Value
$96,000
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 Rumford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04276 | $48,000 | $70,625 | $96,000 | $129,325 | $169,330 |
Source: Ownwell
Property Tax Bills Across Rumford, Maine
In Rumford, located in Oxford County, ME, property tax bills are calculated based on the assessed value of homes, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For Rumford, the median home price stands at $96,000. Homeowners in the 25th percentile of tax bills pay around $1,566 annually, while those in the 75th percentile pay approximately $2,868. At the 90th percentile, the tax bill can go up to $3,756. These tax bills significantly impact homeowners, as they are a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, the property taxes in Rumford can be quite high, reflecting the local government's funding needs for services like schools, infrastructure, and public safety. Understanding these factors helps homeowners anticipate their annual financial commitments and plan accordingly.
Average Rumford Tax Bill
$2,129
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Rumford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04276 | $1,065 | $1,566 | $2,129 | $2,868 | $3,756 |
Source: Ownwell