Byron, Maine Property Taxes
The median property tax rate in Byron, ME is 1.18%, which is higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $118,865 in Byron, the typical annual property tax bill amounts to $1,408, surpassing the national median of $2,690. Property taxes in Byron are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Byron'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 Byron 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
Byron, 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 Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Maine
Property taxes in Byron, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byron is 1.18%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byron 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 Byron's effective property tax rate to other counties in Maine and the national median. For comparison, the 04275 zip code has the highest median property tax rate of 1.18%, while the 04275 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Byron 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 Byron Tax Rate
1.18%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04275 | 1.18% | 1.18% | 1.18% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Maine
In Byron, 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 Byron, 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. The median home price in Byron is $118,865, with tax bills ranging from $1,157 at the 25th percentile to $2,146 at the 90th percentile. The zip code 04275 has the highest and lowest median tax bill at $1,408. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Byron Assessed Value
$118,865
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 Byron, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04275 | $77,018 | $97,618 | $118,865 | $146,550 | $181,111 |
Source: Ownwell
Property Tax Bills Across Byron, Maine
In Byron, Oxford County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For a home with a median price of $118,865, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,157, while those at the 75th percentile could see bills as high as $1,736. At the 90th percentile, the tax bill can reach up to $2,146. These variations depend on factors such as property location, home size, and any applicable exemptions. The highest and lowest median tax bills in the area are both $1,408, reflecting a consistent tax rate. Compared to the national median property tax rate of 0.99%, Byron's rates can be considered moderate, impacting homeowners by influencing their overall cost of living and potentially affecting property values over time.
Average Byron Tax Bill
$1,408
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04275 | $913 | $1,157 | $1,408 | $1,736 | $2,146 |
Source: Ownwell