Diamond Cove, Maine Property Taxes
The median property tax rate in Diamond Cove, ME is 1.44%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $430,700 in Diamond Cove, the typical annual property tax bill reaches $6,206, far exceeding the national median of $2,690. Property taxes in Diamond Cove 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 Diamond Cove'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 Diamond Cove 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
Diamond Cove, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$6,202
Ownwell’s Diamond Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond Cove 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 Cumberland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Diamond Cove, Maine
Property taxes in Diamond Cove, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond Cove is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Diamond Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond Cove 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 Diamond Cove's effective property tax rate to other counties in Maine and the national median. For comparison, the 04109 zip code 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 areas compare with Diamond Cove 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 Diamond Cove 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 Diamond Cove, 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 Diamond Cove, Maine
In Diamond Cove, 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 Diamond Cove, 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 Diamond Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Diamond Cove are both $6206, found in the zip code 04109.
Average Diamond Cove Assessed Value
$430,700
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 Diamond Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $286,100 | $361,600 | $430,700 | $799,100 | $1,163,600 |
Source: Ownwell
Property Tax Bills Across Diamond Cove, Maine
In Diamond Cove, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Diamond Cove, the median home price is $430,700. Property tax bills can vary significantly, with the 25th percentile at $5,211 and the 75th percentile at $11,515. The 90th percentile tax bill reaches up to $16,767. Several factors influence these amounts, including property location, home size, and any applicable exemptions. The highest median tax bill in the area is $6,206, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents. High property taxes can be a burden for some homeowners, but they also contribute to maintaining and improving community amenities and services.
Average Diamond Cove Tax Bill
$6,206
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond Cove, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $4,123 | $5,211 | $6,206 | $11,515 | $16,767 |
Source: Ownwell