Readfield, Maine Property Taxes
The median property tax rate in Readfield, ME is 1.14%, higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Readfield at $216,800, the typical annual property tax bill reaches $2,474, slightly below the national median of $2,690. Property taxes in Readfield 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 Readfield'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 Readfield 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
Readfield, 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 Readfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Readfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Readfield 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 Readfield, Maine
Property taxes in Readfield, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Readfield is 1.14%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Readfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Readfield 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 Readfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04355 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Readfield provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Readfield Tax Rate
1.14%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Readfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04355 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Readfield, Maine
In Readfield, 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 Readfield, 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 Readfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04355 in Readfield has the highest and lowest median tax bill at $2,474.
Average Readfield Assessed Value
$216,800
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 Readfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04355 | $96,480 | $157,700 | $216,800 | $289,500 | $366,940 |
Source: Ownwell
Property Tax Bills Across Readfield, Maine
In Readfield, 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 Kennebec County assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $216,800 in Readfield, homeowners can expect a range of tax bills. The tax bill at the 25th percentile is $1,798, while at the 75th percentile, it rises to $3,300. At the 90th percentile, homeowners might see tax bills as high as $4,183. These figures reflect the variability in property values and the corresponding tax obligations. Compared to the national median property tax rate of 0.99%, Readfield's rates demonstrate a significant impact on homeowners. Higher property tax bills can influence household budgets and overall financial planning, making it crucial for homeowners to understand their tax obligations and seek potential exemptions or appeals if necessary.
Average Readfield Tax Bill
$2,474
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Readfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04355 | $1,100 | $1,798 | $2,474 | $3,300 | $4,183 |
Source: Ownwell