Farmington, Maine Property Taxes
The median property tax rate in Farmington, ME is 1.80%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Farmington at $115,300, the typical annual property tax bill reaches $2,076, which is below the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington 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
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Maine
Property taxes in Farmington, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.80%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, with variations across different neighborhoods. Each year, Farmington 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. For comparison, the highest and lowest median property tax rates in Franklin County are also 1.80%, found in the zip code 04938. Understanding how these rates compare with Farmington provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
1.80%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Maine
In Farmington, 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 Franklin 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 Farmington, 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 Farmington 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 04938, with a value of $2,076.
Average Farmington Assessed Value
$115,300
Average Franklin County Assessed Value
$119,100
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | $30,380 | $75,200 | $115,300 | $157,500 | $213,380 |
Source: Ownwell
Property Tax Bills Across Farmington, Maine
In Farmington, ME, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value reflects the market value of the property, which is periodically evaluated by local assessors. Several factors influence the tax bill, including property size, location, and improvements made to the home. For homeowners in Farmington, the median home price stands at $115,300. With the local tax rate applied, the tax bills vary significantly. For instance, the 25th percentile tax bill is $1,356, while the 75th percentile reaches up to $2,833. Those in the 90th percentile face tax bills as high as $3,824. The highest and lowest median tax bills in the area both register at $2,076 in the 04938 zip code. Compared to the national median property tax rate of 0.99%, Farmington's property taxes can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Farmington Tax Bill
$2,076
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04938 | $565 | $1,356 | $2,076 | $2,833 | $3,824 |
Source: Ownwell