Randolph, Maine Property Taxes
The median property tax rate in Randolph, 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 Randolph at $127,100, the typical annual property tax bill reaches $2,288, which is below the national median of $2,690. Property taxes in Randolph 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 Randolph'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 Randolph 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
Randolph, 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 Randolph Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Randolph. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Randolph to provide an accurate estimate of your property tax bill. This valuable resource helps you gain clarity on potential tax liabilities, making financial planning easier. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property's assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Randolph, Maine
Property taxes in Randolph, Maine, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 1.80%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04346 has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Randolph 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 Randolph Tax Rate
1.80%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04346 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Maine
In Randolph, 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 Randolph, 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. The median home price in Randolph is $127,100, with tax bills ranging from $1,578 at the 25th percentile to $3,418 at the 90th percentile. The zip code 04346 has both the highest and lowest median tax bill, at $2,288. Being aware of these valuation processes in Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Randolph Assessed Value
$127,100
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 Randolph, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04346 | $26,300 | $87,400 | $127,100 | $157,500 | $189,900 |
Source: Ownwell
Property Tax Bills Across Randolph, Maine
In Randolph, located in Kennebec County, ME, 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 local tax assessor and represents the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Randolph, the median home price is $127,100. The property tax rate in Randolph is higher than the national median property tax rate of 0.99%. This results in significant tax bills for homeowners. For instance, the 25th percentile tax bill is $1,578, while the 75th percentile tax bill is $2,835. The 90th percentile tax bill can reach up to $3,418. These figures illustrate the range of property tax burdens that homeowners in Randolph may face. This tax burden can impact homeowners' finances, influencing decisions such as home improvements, savings, and overall financial planning. Understanding these factors is crucial for homeowners to manage their property tax liabilities effectively.
Average Randolph Tax Bill
$2,288
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04346 | $473 | $1,578 | $2,288 | $2,835 | $3,418 |
Source: Ownwell