Cherryfield, Maine Property Taxes
The median property tax rate in Cherryfield, ME is 0.45%, significantly lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value in Cherryfield, the typical annual property tax bill amounts to $798, which is well below the national median of $2,690. Property taxes in Cherryfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Cherryfield'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 Cherryfield 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
Cherryfield, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$733
Ownwell’s Cherryfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherryfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherryfield 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 Cherryfield, Maine
Property taxes in Cherryfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherryfield is 0.45%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cherryfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherryfield 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 Cherryfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04622 zip code has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Cherryfield provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherryfield Tax Rate
0.45%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | 0.45% | 0.45% | 0.45% | 0.46% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Cherryfield, Maine
In Cherryfield, 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 Hancock 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 Cherryfield, 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. For example, the median home price in Cherryfield is $162,930, with tax bills ranging from $605 at the 25th percentile to $1,289 at the 90th percentile. The highest and lowest median tax bills are both $798, found in the 04622 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cherryfield Assessed Value
$162,930
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | $111,513 | $129,090 | $162,930 | $213,102 | $286,430 |
Source: Ownwell
Property Tax Bills Across Cherryfield, Maine
In Cherryfield, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For a median home price of $162,930, the tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. The property tax rate in Cherryfield is applied to the assessed value to determine the annual tax bill. For homeowners, this means that properties with higher assessed values will incur higher tax bills. In Cherryfield, the 25th percentile tax bill is $605, while the 75th percentile reaches $1,013, and the 90th percentile can be as high as $1,289. These figures indicate that while some homeowners may pay relatively low taxes, others could face substantially higher bills. Understanding these factors is crucial for homeowners as they plan their finances and consider the overall cost of owning property in Cherryfield.
Average Cherryfield Tax Bill
$798
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | $502 | $605 | $798 | $1,013 | $1,289 |
Source: Ownwell