Rangeley, Maine Property Taxes
The median property tax rate in Rangeley, ME is 1.51%, which is considerably higher than the national median of 0.99% but slightly below the Maine state median of 1.57%. With a median home value of $232,455 in Rangeley, the typical annual property tax bill reaches $2,588, which is close to the national median of $2,690. Property taxes in Rangeley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Rangeley'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 Rangeley 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
Rangeley, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$3,510
Ownwell’s Rangeley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rangeley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rangeley 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 Rangeley, Maine
Property taxes in Rangeley, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rangeley is 1.51%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Rangeley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rangeley 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 Rangeley's effective property tax rate to other counties in Maine and the national median. For comparison, the 04970 zip code has both the highest and lowest median property tax rate of 1.51%. Understanding how these cities compare with Rangeley 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 Rangeley Tax Rate
1.51%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rangeley, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04970 | 0.58% | 0.76% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Rangeley, Maine
In Rangeley, 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. 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 Rangeley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rangeley are both $2588, found in the zip code 04970.
Average Rangeley Assessed Value
$232,455
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 Rangeley, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04970 | $118,459 | $163,280 | $232,455 | $317,550 | $457,681 |
Source: Ownwell
Property Tax Bills Across Rangeley, Maine
In Rangeley, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $232,455, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Rangeley, the 25th percentile tax bill is around $1,793, while the 75th percentile reaches approximately $3,845. At the 90th percentile, homeowners may see tax bills as high as $5,620. These figures highlight the range of potential tax liabilities, reflecting differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Rangeley's tax rates can significantly impact homeowners, affecting their overall financial planning and housing affordability. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets effectively.
Average Rangeley Tax Bill
$2,588
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Rangeley, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04970 | $1,179 | $1,793 | $2,588 | $3,845 | $5,620 |
Source: Ownwell