Madison, Maine Property Taxes
The median property tax rate in Madison, ME is 1.86%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Madison, the typical annual property tax bill reaches $1,866, exceeding the national median of $2,690. Property taxes in Madison 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 Madison'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 Madison 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
Madison, 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 Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to accurately estimate their annual property taxes in Madison with just two simple data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Madison to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Somerset County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Madison, Maine
Property taxes in Madison, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison 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 Madison's effective property tax rate to other counties in Maine and the national median. For comparison, the 04950 zip code has both the highest and lowest median property tax rate of 1.86%. Understanding how these cities compare with Madison 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 Madison Tax Rate
1.86%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04950 | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Maine
In Madison, 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 Madison, 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 Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 04950 has both the highest and lowest median tax bills at $1,866.
Average Madison Assessed Value
$100,400
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 Madison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04950 | $51,020 | $75,500 | $100,400 | $137,900 | $183,780 |
Source: Ownwell
Property Tax Bills Across Madison, Maine
In Madison, located in Somerset County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the property's size, location, and condition. For homeowners in Madison, the median home price is $100,400. Property tax bills can vary significantly, with the 25th percentile at $1,404 and the 75th percentile at $2,564. At the 90th percentile, homeowners may see tax bills as high as $3,417. Compared to the national median property tax rate of 0.99%, Madison's property tax rates can have a considerable impact on homeowners' budgets. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Madison Tax Bill
$1,866
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04950 | $948 | $1,404 | $1,866 | $2,564 | $3,417 |
Source: Ownwell