Frankfort, Maine Property Taxes
The median property tax rate in Frankfort, ME is 1.43%, higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Frankfort of $122,997, the typical annual property tax bill reaches $1,753, below the national median of $2,690. Property taxes in Frankfort 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 Frankfort'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 Frankfort 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
Frankfort, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$1,759
Ownwell’s Frankfort Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Maine
Property taxes in Frankfort, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other counties in Maine and the national median. For comparison, the 04438 zip code has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Waldo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.43%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04438 | 1.42% | 1.42% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Maine
In Frankfort, 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 Waldo 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 Frankfort, 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. The median home price in Frankfort is $122,997, with tax bills ranging from $1,118 at the 25th percentile to $3,101 at the 90th percentile. 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Frankfort Assessed Value
$122,997
Average Waldo County Assessed Value
$154,000
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04438 | $46,368 | $78,486 | $122,997 | $167,180 | $217,576 |
Source: Ownwell
Property Tax Bills Across Frankfort, Maine
In Frankfort, located in Waldo County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value and apply an assessment ratio. This assessed value is then multiplied by the local tax rate to generate the annual tax bill. For instance, with a median home price of $122,997, homeowners in Frankfort can expect varying tax bills. The 25th percentile tax bill is approximately $1,118, while the 75th percentile reaches around $2,382. At the 90th percentile, the tax bill can go up to $3,101. Compared to the national median property tax rate of 0.99%, Frankfort homeowners may find their tax obligations relatively manageable, but still significant. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Homeowners must consider these factors when budgeting for annual expenses and assessing the overall cost of homeownership in Frankfort.
Average Frankfort Tax Bill
$1,753
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04438 | $661 | $1,118 | $1,753 | $2,382 | $3,101 |
Source: Ownwell