Jay, Maine Property Taxes
The median property tax rate in Jay, ME is 1.77%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Jay, the typical annual property tax bill reaches $1,247, exceeding the national median of $2,690. Property taxes in Jay 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 Jay'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 Jay 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
Jay, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$1,244
Ownwell’s Jay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jay 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 Jay, Maine
Property taxes in Jay, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jay is 1.77%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jay 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 Jay's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04239 has both the highest and lowest median property tax rate of 1.77%. Understanding how these cities compare with Jay 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 Jay Tax Rate
1.77%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | 1.77% | 1.77% | 1.77% | 1.77% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Jay, Maine
In Jay, 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 local 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 Jay, 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. Jay has a median home price of $70,260, with the highest and lowest median tax bills being $1,247 in zip code 04239. Being aware of these valuation processes in Jay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jay Assessed Value
$70,260
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 Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | $70,260 | $70,260 | $70,260 | $70,260 | $70,260 |
Source: Ownwell
Property Tax Bills Across Jay, Maine
Property tax bills in Jay, located in Oxford County, ME, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, determined by local assessors. This value is then multiplied by the tax rate to determine the annual property tax bill. In Jay, the median home price is $70,260, and the median property tax bill stands at $1,247. This figure is consistent across the 25th, 75th, and 90th percentiles, indicating a uniform tax burden for most homeowners in the area. Comparatively, this median tax bill is higher than the national median property tax rate of 0.99%, reflecting the specific fiscal needs and budgetary requirements of the local government. For homeowners, understanding these factors is crucial, as property taxes significantly impact monthly housing costs and overall affordability.
Average Jay Tax Bill
$1,247
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Jay, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04239 | $1,247 | $1,247 | $1,247 | $1,247 | $1,247 |
Source: Ownwell