Cushing, Maine Property Taxes
The median property tax rate in Cushing, ME is 1.55%, which is considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cushing, the typical annual property tax bill reaches $3,000, exceeding the national median of $2,690. Property taxes in Cushing 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 Cushing'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 Cushing 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
Cushing, 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 Cushing Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cushing with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Cushing to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by Knox County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cushing, Maine
Property taxes in Cushing, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 1.55%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cushing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing's effective property tax rate to other counties in Maine and the national median. For comparison, the 04563 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Cushing provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
1.55%
Average Knox County Tax Rate
1.55%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04563 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Maine
In Cushing, 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 Knox 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 Cushing, 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. In Cushing, the median home price is $193,540, with the 25th percentile tax bill at $1,983 and the 75th percentile tax bill at $4,834. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cushing Assessed Value
$193,540
Average Knox County Assessed Value
$198,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04563 | $79,830 | $127,945 | $193,540 | $311,910 | $518,090 |
Source: Ownwell
Property Tax Bills Across Cushing, Maine
Property tax bills in Cushing, located in Knox County, ME, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Cushing, homeowners experience a range of property tax bills, with the 25th percentile paying around $1,983, while those in the 75th percentile pay approximately $4,834. The highest tax bills, in the 90th percentile, can reach up to $8,030. These figures highlight the variability in tax burdens depending on property values. For context, the national median property tax rate is 0.99%, making Cushing's tax environment relatively comparable. Homeowners in Cushing should be aware of these factors as they significantly impact their annual financial planning and overall cost of homeownership.
Average Cushing Tax Bill
$3,000
Average Knox County Tax Bill
$3,340
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04563 | $1,237 | $1,983 | $3,000 | $4,834 | $8,030 |
Source: Ownwell