Upton, Maine Property Taxes
The median property tax rate in Upton, ME is 0.80%, notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Upton of $127,360, the typical annual property tax bill amounts to $1,012, which is significantly below the national median of $2,690. Property taxes in Upton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Upton'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 Upton 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
Upton, 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 Upton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Upton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Upton 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 Upton, Maine
Property taxes in Upton, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Upton is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Upton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Upton 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 Upton's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04261 has the same median property tax rate of 0.80%. Understanding how these cities compare with Upton 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 Upton Tax Rate
0.80%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Upton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | 0.79% | 0.79% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Upton, Maine
In Upton, 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 Upton, 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 Upton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Upton are both $1,012, found in zip code 04261.
Average Upton Assessed Value
$127,360
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 Upton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | $74,101 | $97,074 | $127,360 | $181,262 | $263,344 |
Source: Ownwell
Property Tax Bills Across Upton, Maine
In Upton, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $127,360, homeowners in Upton can expect varying tax bills. The 25th percentile tax bill is around $772, while the 75th percentile reaches up to $1,441, and the 90th percentile can be as high as $2,093. These figures highlight the range of tax obligations homeowners might face depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Upton's tax rates reflect the broader trends within Oxford County. Factors such as property improvements, changes in market conditions, and local budgetary needs can influence these assessments and, consequently, the tax bills. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Upton Tax Bill
$1,012
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Upton, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04261 | $589 | $772 | $1,012 | $1,441 | $2,093 |
Source: Ownwell