Island Falls, Maine Property Taxes
The median property tax rate in Island Falls, ME is 2.45%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Island Falls at $82,800, the typical annual property tax bill reaches $1,994, which, while lower than the national median of $2,690, still represents a significant expense for homeowners. Property taxes in Island Falls 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 Island Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Island Falls or another part of Aroostook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Island Falls, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$2,029
Ownwell’s Island Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Island Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island Falls 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 Island Falls, Maine
Property taxes in Island Falls, Maine, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Falls is 1.09%, slightly higher than the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Island Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Falls 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 Island Falls' effective property tax rate to other counties in Maine and the national median. For comparison, the 04747 zip code has the highest median property tax rate of 1.09%, while the 04747 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Island Falls provides valuable insights into the varying tax landscape across Aroostook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Island Falls Tax Rate
2.45%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | 2.30% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Island Falls, Maine
In Island Falls, 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 Aroostook 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 Island Falls, 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 Island Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in the 04747 zip code, with a median tax bill of $1,994.
Average Island Falls Assessed Value
$82,800
Average Aroostook County Assessed Value
$86,999
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Island Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | $34,900 | $51,625 | $82,800 | $112,125 | $151,800 |
Source: Ownwell
Property Tax Bills Across Island Falls, Maine
In Island Falls, Aroostook 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 the county assessor, who evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $82,800, homeowners in Island Falls can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors influencing the tax bill include the property's size, location, and any improvements made. Homeowners in the 25th percentile typically face a tax bill around $1,233, while those in the 75th percentile might see bills closer to $2,721. At the 90th percentile, tax bills can reach up to $3,693. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential financial impact on homeowners in Island Falls.
Average Island Falls Tax Bill
$1,994
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Island Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | $854 | $1,233 | $1,994 | $2,721 | $3,693 |
Source: Ownwell