Bowdoinham, Maine Property Taxes
The median property tax rate in Bowdoinham, ME is 1.81%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Bowdoinham at $195,300, the typical annual property tax bill reaches $3,533, exceeding the national median of $2,690. Property taxes in Bowdoinham 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 Bowdoinham'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 Bowdoinham 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
Bowdoinham, 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 Bowdoinham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bowdoinham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowdoinham 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 Bowdoinham, Maine
Property taxes in Bowdoinham, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowdoinham is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bowdoinham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowdoinham 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 Bowdoinham's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04008 has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these areas compare with Bowdoinham provides valuable insights into the varying tax landscape across Sagadahoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowdoinham Tax Rate
1.81%
Average Sagadahoc County Tax Rate
1.54%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowdoinham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04008 | 1.81% | 1.81% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Bowdoinham, Maine
In Bowdoinham, 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 Sagadahoc 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 Bowdoinham, 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. With the median home price at $195,300, the tax bill at the 25th percentile is $2,558, while at the 75th percentile it is $4,650, and at the 90th percentile, it reaches $6,135. The highest and lowest median tax bills in the area, both at $3,533, are found in the 04008 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bowdoinham Assessed Value
$195,300
Average Sagadahoc County Assessed Value
$236,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowdoinham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04008 | $98,110 | $141,400 | $195,300 | $257,075 | $339,140 |
Source: Ownwell
Property Tax Bills Across Bowdoinham, Maine
In Bowdoinham, Sagadahoc 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 local assessors who evaluate the property's market value. Once the assessed value is established, it is multiplied by the town's tax rate to determine the annual tax bill. For homeowners in Bowdoinham, the median home price is $195,300, leading to varying tax bills across different percentiles. For instance, the 25th percentile tax bill is $2,558, while the 75th percentile tax bill rises to $4,650. The tax bill at the 90th percentile reaches $6,135. These figures highlight the significant impact property taxes can have on homeowners, with some paying considerably more than others based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Bowdoinham's tax rates can result in substantial annual costs, underscoring the importance of accurate property assessments and appeals.
Average Bowdoinham Tax Bill
$3,533
Average Sagadahoc County Tax Bill
$3,525
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowdoinham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04008 | $1,775 | $2,558 | $3,533 | $4,650 | $6,135 |
Source: Ownwell