Cushing Island, Maine Property Taxes
The median property tax rate in Cushing Island, ME is 1.44%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cushing Island, the typical annual property tax bill reaches $7,418, exceeding the national median of $2,690. Property taxes in Cushing Island are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cushing 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 Cushing 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
Cushing Island, 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 Cushing Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cushing Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cushing 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 Cushing Island, Maine
Property taxes in Cushing Island, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing Island is 1.44%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cushing Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing Island's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04109 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Cushing 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 Cushing Island Tax Rate
1.44%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Cushing Island, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cushing Island, Maine. 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 Cushing 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 Cushing Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $514,750, with tax bills ranging from $6,573 at the 25th percentile to $8,262 at the 75th percentile. The highest and lowest median tax bills are both $7,418 in the 04109 zip code.
Average Cushing Island Assessed Value
$514,750
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 Cushing Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $421,030 | $456,175 | $514,750 | $573,325 | $608,470 |
Source: Ownwell
Property Tax Bills Across Cushing Island, Maine
In Cushing Island, located in Cumberland County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $514,750. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. For instance, the tax bill at the 25th percentile is $6,573, while at the 75th percentile, it rises to $8,262. The 90th percentile tax bill reaches $8,768, reflecting higher property values or additional property features. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Cushing Island face property tax bills that can significantly impact their annual expenses, with the highest median tax bill reported at $7,418 in the 04109 zip code. This figure is notably higher than the national median property tax rate of 0.99%, highlighting the importance for homeowners to understand their property assessments and tax obligations.
Average Cushing Island Tax Bill
$7,418
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $6,067 | $6,573 | $7,418 | $8,262 | $8,768 |
Source: Ownwell