Fayette, Maine Property Taxes
The median property tax rate in Fayette, ME is 1.33%, noticeably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Fayette at $226,900, the typical annual property tax bill reaches $3,016, surpassing the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fayette'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 Fayette 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
Fayette, 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 Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Maine
Property taxes in Fayette, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 1.09%, higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Maine and the national median. For comparison, the 04349 zip code has the highest median property tax rate of 1.09%, while the 04349 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Kennebec, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
1.33%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04349 | 1.33% | 1.33% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Maine
In Fayette, 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 Kennebec 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 Fayette, 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. Fayette's median home price stands at $226,900, with tax bills ranging from $2,113 at the 25th percentile to $5,377 at the 90th percentile. The highest and lowest median tax bills, both at $3,016, are found in the 04349 zip code. Being aware of these valuation processes in Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fayette Assessed Value
$226,900
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04349 | $105,440 | $159,025 | $226,900 | $307,125 | $404,590 |
Source: Ownwell
Property Tax Bills Across Fayette, Maine
In Fayette, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is a percentage of the market value, and this figure is then multiplied by the tax rate to calculate the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. The median home price in Fayette is $226,900, and tax bills vary significantly. Homeowners in the 25th percentile pay around $2,113, while those in the 75th percentile face bills of approximately $4,082. At the 90th percentile, tax bills can reach up to $5,377. Comparatively, Fayette's property tax rates are higher than the national median property tax rate of 0.99%, which can impact homeowners' financial planning and the overall cost of owning a home. This variability highlights the importance of understanding local tax assessments and preparing for the associated costs.
Average Fayette Tax Bill
$3,016
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04349 | $1,401 | $2,113 | $3,016 | $4,082 | $5,377 |
Source: Ownwell