Cambridge, Maine Property Taxes
The median property tax rate in Cambridge, ME is 1.94%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cambridge, the typical annual property tax bill reaches $1,570, which is below the national median of $2,690. Property taxes in Cambridge 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 Cambridge'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 Cambridge 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
Cambridge, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$1,566
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, Maine
Property taxes in Cambridge, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.94%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04923 has both the highest and lowest median property tax rate of 1.94%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.94%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04923 | 1.94% | 1.94% | 1.94% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Maine
In Cambridge, 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 Somerset 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 Cambridge, 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. For example, the zip code 04923 has both the highest and lowest median tax bill at $1,570. Being aware of these valuation processes in Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cambridge Assessed Value
$80,745
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04923 | $35,593 | $60,582 | $80,745 | $110,755 | $152,426 |
Source: Ownwell
Property Tax Bills Across Cambridge, Maine
In Cambridge, Somerset County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Cambridge is $80,745, and the property tax rate in the area results in varying tax bills. For example, homeowners at the 25th percentile can expect a tax bill around $1,178, while those at the 75th percentile might see a bill closer to $2,154. At the 90th percentile, the tax bill can reach up to $2,965. These figures highlight the range of property tax obligations within the community, influenced by factors such as home value and local tax rates. The highest and lowest median tax bills in the area are both $1,570, indicating a relatively uniform tax rate across different zip codes. This system ensures that homeowners contribute to local public services in proportion to their property's value.
Average Cambridge Tax Bill
$1,570
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04923 | $692 | $1,178 | $1,570 | $2,154 | $2,965 |
Source: Ownwell