Bailey Island, Maine Property Taxes
The median property tax rate in Bailey Island, ME is 0.59%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $504,200 in Bailey Island, the typical annual property tax bill amounts to $2,975, which is above the national median of $2,690. Property taxes in Bailey Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bailey Island'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 Bailey Island 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
Bailey Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,975
Ownwell’s Bailey Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey Island 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 Bailey Island, Maine
Property taxes in Bailey Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey Island is 0.59%, lower than both the Cumberland County median and the U.S. national median of 0.99%. Local government entities within Bailey Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bailey Island 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 Bailey Island's effective property tax rate to other counties in Maine and the national median. For comparison, the 04003 zip code has the median property tax rate of 0.59%. Understanding how these cities compare with Bailey Island provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Island Tax Rate
0.59%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04003 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Bailey Island, Maine
In Bailey Island, 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 Cumberland 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 Bailey Island, 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 Bailey Island is $504,200, with tax bills ranging from $2,210 at the 25th percentile to $6,466 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 Bailey Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bailey Island Assessed Value
$504,200
Average Cumberland County Assessed Value
$319,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04003 | $257,100 | $374,650 | $504,200 | $670,750 | $1,096,000 |
Source: Ownwell
Property Tax Bills Across Bailey Island, Maine
Property tax bills in Bailey Island, Cumberland County, Maine, are determined by the assessed value of a property and the local tax rate. The assessed value is an estimation of your property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. In Bailey Island, the median home price is $504,200. Homeowners can expect a tax bill that falls within a range, with the 25th percentile at $2,210 and the 75th percentile at $3,957. The highest median tax bill in the area is $2,975, which aligns with the lowest median tax bill, indicating a consistent tax environment. This local tax rate is compared to the national median property tax rate of 0.99%, which helps homeowners understand how their tax bills stack up on a broader scale. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life and property values in the community.
Average Bailey Island Tax Bill
$2,975
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04003 | $1,517 | $2,210 | $2,975 | $3,957 | $6,466 |
Source: Ownwell