Cumberland, Maine Property Taxes
The median property tax rate in Cumberland, ME is 2.12%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cumberland at $464,400, the typical annual property tax bill reaches $9,845, significantly exceeding the national median of $2,690. Property taxes in Cumberland 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 Cumberland'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 Cumberland or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cumberland, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Cumberland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland 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 Cumberland, Maine
Property taxes in Cumberland, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland is 2.12%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cumberland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cumberland 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 Cumberland's effective property tax rate to other counties and the national median. For comparison, the zip code 04021 has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Cumberland 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 Cumberland Tax Rate
2.12%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cumberland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland, Maine
In Cumberland, 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 local 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 Cumberland, 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 Cumberland 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 04021, with a median tax bill of $9,845.
Average Cumberland Assessed Value
$464,400
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 Cumberland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | $271,800 | $293,150 | $464,400 | $886,900 | $2,247,760 |
Source: Ownwell
Property Tax Bills Across Cumberland, Maine
In Cumberland, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Cumberland is $464,400, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. Homeowners in Cumberland experience varying tax bills, with the 25th percentile paying around $6,215 and the 75th percentile facing bills as high as $18,802. For those in the 90th percentile, tax bills can reach up to $47,652. This variability significantly impacts homeowners' financial planning, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Cumberland are both recorded at $9,845 in the 04021 zip code, indicating some uniformity within specific areas. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Cumberland Tax Bill
$9,845
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04021 | $5,762 | $6,215 | $9,845 | $18,802 | $47,652 |
Source: Ownwell