Norway, Maine Property Taxes
The median property tax rate in Norway, ME is 1.47%, which is considerably higher than the national median of 0.99% but slightly lower than the Maine state median of 1.57%. With a median home value of $171,900 in Norway, the typical annual property tax bill reaches $2,527, just below the national median of $2,690. Property taxes in Norway are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Norway'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 Norway or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norway, 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 Norway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norway 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 Norway, Maine
Property taxes in Norway, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norway is 1.47%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Norway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norway 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 Norway's effective property tax rate to other counties in Maine and the national median. For comparison, the 04268 zip code has the highest median property tax rate of 1.47%, while the 04268 zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Norway 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 Norway Tax Rate
1.47%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04268 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Norway, Maine
In Norway, 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 Norway, 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 Norway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04268, with a median bill of $2,527.
Average Norway Assessed Value
$171,900
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 Norway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04268 | $55,680 | $103,800 | $171,900 | $253,700 | $361,180 |
Source: Ownwell
Property Tax Bills Across Norway, Maine
In Norway, Oxford County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Norway is $171,900, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the home. For homeowners, the tax bill can vary significantly. The 25th percentile tax bill is $1,526, while the 75th percentile tax bill reaches $3,732, and the 90th percentile goes up to $5,310. These variations highlight how different factors can affect the final amount owed. With the highest and lowest median tax bill both at $2,527 within the zip code 04268, Norway's property tax burden can be compared to the national median property tax rate of 0.99%, providing a clear picture of local taxation impacts. This directly affects homeowners by influencing their annual financial planning and overall cost of homeownership.
Average Norway Tax Bill
$2,527
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Norway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04268 | $821 | $1,526 | $2,527 | $3,732 | $5,310 |
Source: Ownwell