Andover, Maine Property Taxes
The median property tax rate in Andover, ME is 1.55%, slightly below the state median of 1.57% but significantly higher than the national median of 0.99%. With a median home value of $101,292 in Andover, the typical annual property tax bill amounts to $1,570, which is below the national median tax bill of $2,690. Property taxes in Andover are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Andover's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Andover 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
Andover, 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 Andover Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Andover. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Andover to provide an estimate of your property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Andover, Maine
Property taxes in Andover, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 1.55%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04216 has both the highest and lowest median property tax rate of 1.55%. Understanding how these figures compare with Andover provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
1.55%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04216 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Maine
In Andover, 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 Oxford 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04216, with a median tax bill of $1,570.
Average Andover Assessed Value
$101,292
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04216 | $38,871 | $63,572 | $101,292 | $140,128 | $188,345 |
Source: Ownwell
Property Tax Bills Across Andover, Maine
In Andover, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value represents the estimated market value of the home. This value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Andover is $101,292. Property tax bills in the area can vary significantly. At the 25th percentile, homeowners might pay around $985 annually, while those at the 75th percentile could see bills as high as $2,172. For the top 10% of property values, the tax bill can reach up to $2,920. These taxes directly impact homeowners by influencing their annual expenses and potentially affecting the affordability of their homes. Compared to the national median property tax rate of 0.99%, the tax rates in Andover can lead to varying financial obligations, depending on the assessed value of the property. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Andover Tax Bill
$1,570
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04216 | $602 | $985 | $1,570 | $2,172 | $2,920 |
Source: Ownwell