Van Buren, Maine Property Taxes
The median property tax rate in Van Buren, ME is 2.05%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Van Buren at $69,150, the typical annual property tax bill reaches $1,418, exceeding the national median of $2,690. Property taxes in Van Buren 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 Van Buren'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 Van Buren 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
Van Buren, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,418
Ownwell’s Van Buren Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Van Buren with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Van Buren 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 Van Buren, Maine
Property taxes in Van Buren, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Van Buren is 2.05%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Van Buren set these rates annually, and they can vary significantly across different neighborhoods. Each year, Van Buren 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 Van Buren's effective property tax rate to other counties in Maine and the national median. For comparison, the 04785 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Van Buren 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 Van Buren Tax Rate
2.05%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Van Buren, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04785 | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Van Buren, Maine
In Van Buren, 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 Van Buren, 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. For instance, the median home price in Van Buren is $69,150, with median tax bills ranging from $988 at the 25th percentile to $2,582 at the 90th percentile. The zip code with the highest and lowest median tax bill is 04785, both at $1,418. 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 Van Buren helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Van Buren Assessed Value
$69,150
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 Van Buren, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04785 | $34,500 | $48,175 | $69,150 | $93,825 | $125,950 |
Source: Ownwell
Property Tax Bills Across Van Buren, Maine
In Van Buren, located in Aroostook 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 to reach the taxable value. Homeowners in Van Buren see a range of property tax bills, with the 25th percentile at $988 and the 75th percentile at $1,924. For those in the 90th percentile, tax bills can reach up to $2,582. The median home price in Van Buren is $69,150, which is relatively low compared to national figures, contributing to a more manageable property tax burden. However, the actual tax bill can vary significantly depending on the specific assessed value and applicable exemptions. The highest median tax bill recorded in the area is $1,418, which is still below the national median property tax rate of 0.99%. This affects homeowners by making property taxes a more predictable and often less burdensome expense in their annual budgets.
Average Van Buren Tax Bill
$1,418
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Van Buren, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04785 | $707 | $988 | $1,418 | $1,924 | $2,582 |
Source: Ownwell