Chebeague Island, Maine Property Taxes
The median property tax rate in Chebeague Island, ME is 1.25%, which is higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $333,200 in Chebeague Island, the typical annual property tax bill reaches $4,206, surpassing the national median of $2,690. Property taxes in Chebeague Island are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence exemption. Understanding Chebeague 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 Chebeague Island or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chebeague Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$4,165
Ownwell’s Chebeague Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chebeague Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chebeague 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 Chebeague Island, Maine
Property taxes in Chebeague Island, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chebeague Island is 1.25%, notably higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Chebeague Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chebeague 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 Chebeague Island's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the zip code 04017 has the highest median property tax rate of 1.25%, while the same zip code 04017 also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Chebeague 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 Chebeague Island Tax Rate
1.25%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chebeague Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04017 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Chebeague Island, Maine
In Chebeague 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 Chebeague 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. 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 Chebeague Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04017, with a value of $4,206.
Property Tax Assessment Values Across Chebeague Island, Maine
Source: Ownwell
$153,100
$460,950
$768,800
Average Chebeague Island Assessed Value
$333,200
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 Chebeague Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04017 | $207,660 | $255,100 | $333,200 | $592,000 | $776,520 |
Source: Ownwell
Property Tax Bills Across Chebeague Island, Maine
In Chebeague Island, Cumberland 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 local assessor’s office and reflects the estimated market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Chebeague Island, the median home price is $333,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,189 and the 75th percentile reaching $7,400. At the 90th percentile, homeowners might face a tax bill as high as $9,707. These figures can be quite impactful, especially when compared to the national median property tax rate of 0.99%. High property taxes can affect homeowners' budgets and potentially influence their decisions regarding property ownership and investment in the area. Understanding these factors is crucial for effective financial planning.
Average Chebeague Island Tax Bill
$4,206
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Chebeague Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04017 | $2,596 | $3,189 | $4,206 | $7,400 | $9,707 |
Source: Ownwell