Lyman, Maine Property Taxes
The median property tax rate in Lyman, ME is 1.17%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $252,000 in Lyman, the typical annual property tax bill amounts to $2,948, surpassing the national median of $2,690. Property taxes in Lyman 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 Lyman'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 Lyman 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
Lyman, 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 Lyman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyman 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 Lyman, Maine
Property taxes in Lyman, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyman is 1.17%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Lyman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyman 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 Lyman's effective property tax rate to other areas in Maine and the national median. For comparison, the 04002 zip code has the highest median property tax rate of 1.17%, while the same zip code has the lowest median tax rate of 1.17%. Understanding how these areas compare with Lyman provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyman Tax Rate
1.17%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04002 | 1.17% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Lyman, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lyman, Maine. 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 York County 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 Lyman, 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 Lyman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04002 has the highest and lowest median tax bill at $2,948, highlighting the uniformity in tax assessments within the area.
Average Lyman Assessed Value
$252,000
Average York County Assessed Value
$307,400
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04002 | $153,700 | $193,000 | $252,000 | $328,000 | $418,600 |
Source: Ownwell
Property Tax Bills Across Lyman, Maine
In Lyman, York 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 generate the annual tax bill. Several factors influence this calculation, including the property's market value, location, and any applicable exemptions or deductions. For homeowners in Lyman, the median home price is $252,000. The property tax rate in York County results in tax bills that vary significantly. For instance, the 25th percentile tax bill is $2,258, while the 75th percentile tax bill reaches $3,838. At the 90th percentile, homeowners might see a tax bill as high as $4,914. These figures highlight the range of property tax burdens residents might face, with the highest median tax bill in the area being $2,948. Understanding these factors and their impact on property taxes can help homeowners in Lyman better anticipate their annual financial obligations and plan accordingly.
Average Lyman Tax Bill
$2,948
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyman, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04002 | $1,798 | $2,258 | $2,948 | $3,838 | $4,914 |
Source: Ownwell