South Portland, Maine Property Taxes
The median property tax rate in South Portland, ME is 1.56%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in South Portland at $286,600, the typical annual property tax bill reaches $4,459, exceeding the national median of $2,690. Property taxes in South Portland 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 South Portland'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 South Portland 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
South Portland, 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 South Portland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Portland 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 South Portland, Maine
Property taxes in South Portland, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in South Portland is 1.56%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within South Portland set these rates annually, and they can vary across different neighborhoods. Each year, South Portland 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 South Portland's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04106 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with South Portland 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 South Portland Tax Rate
1.56%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04106 | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across South Portland, Maine
In South Portland, 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 South Portland, 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 South Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in South Portland is $286,600, with tax bills ranging from $3,663 at the 25th percentile to $7,039 at the 90th percentile. The zip code 04106 has both the highest and lowest median tax bill, standing at $4,459.
Average South Portland Assessed Value
$286,600
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 South Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04106 | $198,360 | $235,400 | $286,600 | $353,500 | $452,440 |
Source: Ownwell
Property Tax Bills Across South Portland, Maine
In South Portland, Cumberland County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office and reflects the market value of the property. Homeowners in South Portland can expect their property tax bills to vary significantly depending on the value of their property. The median home price in South Portland is $286,600, and the property tax rate in the area is higher than the national median of 0.99%. For instance, the tax bill at the 25th percentile is $3,663, while at the 75th percentile, it rises to $5,499. At the 90th percentile, homeowners might see tax bills as high as $7,039. The highest median tax bill in the area is $4,459, which is also the lowest median tax bill, indicating a consistent rate across the region. The property tax bill directly impacts homeowners by influencing their annual housing costs, affecting affordability and potentially property values over time.
Average South Portland Tax Bill
$4,459
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across South Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04106 | $3,081 | $3,663 | $4,459 | $5,499 | $7,039 |
Source: Ownwell