Medway, Maine Property Taxes
The median property tax rate in Medway, ME is 2.38%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Medway at $67,500, the typical annual property tax bill reaches $1,604, exceeding the national median of $2,690. Property taxes in Medway are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medway'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 Medway 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
Medway, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$1,606
Ownwell’s Medway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medway 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 Medway, Maine
Property taxes in Medway, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medway is 2.38%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Medway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medway 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 Medway's effective property tax rate to other areas in Maine and the national median. For comparison, the 04460 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Medway provides valuable insights into the varying tax landscape across Penobscot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medway Tax Rate
2.38%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04460 | 2.38% | 2.38% | 2.38% | 2.38% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Medway, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medway, 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 Penobscot 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 Medway, 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 Medway is $67,500, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $943, while the 75th percentile tax bill is $2,100. Notably, the highest and lowest median tax bills are both $1,604, found in the 04460 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medway Assessed Value
$67,500
Average Penobscot County Assessed Value
$141,580
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04460 | $23,000 | $39,750 | $67,500 | $88,600 | $117,300 |
Source: Ownwell
Property Tax Bills Across Medway, Maine
In Medway, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, size, location, and condition. For homeowners in Medway, property tax bills can vary significantly. The 25th percentile tax bill stands at $943, while the 75th percentile reaches $2,100, and the 90th percentile climbs to $2,797. The median home price in Medway is $67,500, which is relatively low compared to national figures. These property taxes fund essential services such as public education, infrastructure maintenance, and emergency services. Homeowners must budget for these taxes, as they can impact overall housing affordability. Understanding how property tax bills are calculated helps homeowners plan their finances and anticipate yearly expenses.
Average Medway Tax Bill
$1,604
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Medway, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04460 | $552 | $943 | $1,604 | $2,100 | $2,797 |
Source: Ownwell