Wade, Maine Property Taxes
The median property tax rate in Wade, ME is 1.53%, which is considerably higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With the median home value in Wade, the typical annual property tax bill reaches $1,691, falling below the national median of $2,690. Property taxes in Wade 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 Wade'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 Wade 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
Wade, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,691
Ownwell’s WADE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WADE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WADE 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 Wade, Maine
Property taxes in Wade, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wade is 1.53%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Wade set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wade 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 Wade's effective property tax rate to other counties in Maine and the national median. For comparison, the highest median property tax rate in Aroostook County is 1.53%, while the lowest median tax rate is also 1.53%. Understanding how these cities compare with Wade 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 Wade Tax Rate
1.53%
Average Aroostook County Tax Rate
2.26%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wade, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04786 | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Wade, Maine
In Wade, 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 Wade, 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 Wade helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Wade are both $1691, found in the zip code 04786.
Average Wade Assessed Value
$110,500
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 Wade, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04786 | $48,700 | $79,300 | $110,500 | $148,700 | $184,720 |
Source: Ownwell
Property Tax Bills Across Wade, Maine
In Wade, property tax bills are calculated based on the assessed value of a homeowner's property, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, with a median home price of $110,500, homeowners in Wade typically see tax bills that vary significantly. The 25th percentile tax bill is about $1,213, while the 75th percentile tax bill reaches approximately $2,275, and those in the 90th percentile can expect to pay around $2,827. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. These taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Wade's property tax rates reflect the unique economic and social dynamics of Aroostook County. Homeowners must consider these taxes as a crucial component of their overall housing expenses, impacting affordability and long-term financial planning.
Average Wade Tax Bill
$1,691
Average Aroostook County Tax Bill
$1,771
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Wade, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04786 | $745 | $1,213 | $1,691 | $2,275 | $2,827 |
Source: Ownwell