Waterford, Maine Property Taxes
The median property tax rate in Waterford, ME is 1.59%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Waterford at $107,218, the typical annual property tax bill reaches $1,708, which is below the national median of $2,690. Property taxes in Waterford are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Waterford'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 Waterford 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
Waterford, 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 Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Maine
Property taxes in Waterford, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 1.59%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary across different neighborhoods. Each year, Waterford 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 Waterford's effective property tax rate to other counties in Maine and the national median. For comparison, the 04088 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Waterford 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 Waterford Tax Rate
1.59%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04088 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waterford, Maine. 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 Waterford, 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 Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For reference, the zip code with the highest median tax bill in Waterford is 04088, with a median tax bill of $1,708. This insight into local tax trends can help homeowners anticipate their tax obligations and explore potential savings.
Average Waterford Assessed Value
$107,218
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 Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04088 | $14,836 | $51,788 | $107,218 | $146,784 | $196,560 |
Source: Ownwell
Property Tax Bills Across Waterford, Maine
Property tax bills in Waterford, located in Oxford County, ME, are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value reflects the market value of the property and is used to calculate the tax bill. The tax rate, also known as the mill rate, is applied to the assessed value to determine the total tax owed. In Waterford, the median home price is $107,218, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $837, while the 75th percentile is $2,334, and the 90th percentile reaches up to $3,127. These figures illustrate the range of tax burdens homeowners might face, depending on their property's assessed value and the applicable tax rate. Comparatively, the national median property tax rate is 0.99%, making Waterford's property tax landscape somewhat unique. Homeowners in this region need to be aware of these factors as they can significantly impact their annual expenses and overall financial planning.
Average Waterford Tax Bill
$1,708
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04088 | $246 | $837 | $1,708 | $2,334 | $3,127 |
Source: Ownwell