Jay, Maine Property Taxes
The median property tax rate in Jay, ME is 2.30%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $26,240 in Jay, the typical annual property tax bill amounts to $604, which is below the national median of $2,690. Property taxes in Jay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jay'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 Jay or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jay, 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 Jay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jay 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 Jay, Maine
Property taxes in Jay, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jay is 2.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jay 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 Jay's effective property tax rate to other areas in Franklin County and the national median. For comparison, the ZIP code 04239 has the highest median property tax rate of 2.30%, while the same ZIP code also has the lowest median tax rate of 2.30%. Understanding how these areas compare with Jay 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 Jay Tax Rate
2.30%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Jay, Maine
In Jay, 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 Jay, 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 Jay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Jay is $604.00, with the zip code 04239 reflecting both the highest and lowest median tax bills in the area.
Average Jay Assessed Value
$26,240
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 Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | $3,500 | $7,865 | $26,240 | $93,095 | $125,440 |
Source: Ownwell
Property Tax Bills Across Jay, Maine
In Jay, located in Franklin 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 Jay is $26,240. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $203, while the 75th percentile reaches $2,141, and the 90th percentile goes up to $2,885. The local tax rate is applied to the assessed value of the property to determine the annual tax bill. Factors such as property size, location, and market conditions can influence the assessed value. For homeowners, this means that a higher assessed value or a higher local tax rate can result in a larger tax bill. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Jay to understand how these factors impact their financial obligations.
Average Jay Tax Bill
$604
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | $120 | $203 | $604 | $2,141 | $2,885 |
Source: Ownwell