Gilead, Maine Property Taxes
The median property tax rate in Gilead, ME is 1.63%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Gilead, the typical annual property tax bill reaches $658, which is significantly lower than the national median of $2,690. Property taxes in Gilead 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 Gilead'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 Gilead 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
Gilead, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$660
Ownwell’s Gilead Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gilead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilead 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 Gilead, Maine
Property taxes in Gilead, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilead is 1.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gilead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilead 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 Gilead's effective property tax rate to other counties in Maine and the national median. For comparison, the 04217 zip code has the highest median property tax rate of 1.63%, while the same zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with Gilead 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 Gilead Tax Rate
1.63%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilead, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | 1.63% | 1.63% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Gilead, Maine
In Gilead, 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 Gilead, 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 Gilead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $658 in the 04217 zip code.
Average Gilead Assessed Value
$40,490
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 Gilead, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | $40,490 | $40,490 | $40,490 | $40,490 | $40,490 |
Source: Ownwell
Property Tax Bills Across Gilead, Maine
In Gilead, located in Oxford County, Maine, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is intended to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $40,490, homeowners in Gilead can expect a median tax bill of $658. This figure is consistent across various percentiles, indicating a standardized approach to property taxation in the area. Factors such as property size, location, and condition can influence the assessed value, but the uniform tax rate ensures that similar properties incur similar tax bills. Compared to the national median property tax rate of 0.99%, Gilead's tax rate is relatively straightforward and predictable, providing homeowners with a clear understanding of their annual financial obligations. This consistency helps homeowners budget effectively and plan for their future financial needs.
Average Gilead Tax Bill
$658
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilead, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | $658 | $658 | $658 | $658 | $658 |
Source: Ownwell