Buckfield, Maine Property Taxes
The median property tax rate in Buckfield, ME is 2.82%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Buckfield, the typical annual property tax bill reaches $3,324, exceeding the national median of $2,690. Property taxes in Buckfield 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 Buckfield'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 Buckfield 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
Buckfield, 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 Buckfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buckfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buckfield 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 Buckfield, Maine
Property taxes in Buckfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buckfield is 2.82%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Buckfield set these rates annually, and they can vary across different neighborhoods. Each year, Buckfield 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 Buckfield's effective property tax rate to other areas within Oxford County and the national median. For comparison, the zip code 04220 has both the highest and lowest median property tax rate of 2.82%. Understanding how these areas compare with Buckfield 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 Buckfield Tax Rate
2.82%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buckfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04220 | 2.82% | 2.82% | 2.82% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Buckfield, Maine
In Buckfield, 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 Buckfield, 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 Buckfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Buckfield is $3,324 in the 04220 zip code, while the lowest median tax bill is also $3,324 in the same zip code.
Average Buckfield Assessed Value
$119,100
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 Buckfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04220 | $57,070 | $88,800 | $119,100 | $149,150 | $183,750 |
Source: Ownwell
Property Tax Bills Across Buckfield, Maine
In Buckfield, 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 is determined by the local assessor's office, which evaluates the market value of the property. This assessed value is then multiplied by the tax rate to determine the annual property tax bill. For homeowners in Buckfield, the median home price is $119,100. Property tax bills can vary significantly, with the 25th percentile paying around $2,494, while those in the 75th percentile pay approximately $4,173. The highest property tax bills, at the 90th percentile, can reach up to $5,169. Comparatively, the national median property tax rate is 0.99%, making Buckfield's property taxes relatively higher. These taxes fund essential local services such as public schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate and plan for their annual property tax obligations.
Average Buckfield Tax Bill
$3,324
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Buckfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04220 | $1,533 | $2,494 | $3,324 | $4,173 | $5,169 |
Source: Ownwell