Springfield, Maine Property Taxes
The median property tax rate in Springfield, ME is 1.29%, which is higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Springfield at $93,965, the typical annual property tax bill reaches $1,219, exceeding the national median of $2,690. Property taxes in Springfield 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 Springfield'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 Springfield 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
Springfield, 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 Springfield Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property's assessed value is determined by the county and includes any applicable exemptions, ensuring you get a precise calculation for your tax responsibilities.
Property Tax Rates Across Springfield, Maine
Property taxes in Springfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.29%, which is higher than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04487 zip code has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Springfield 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 Springfield Tax Rate
1.29%
Average Penobscot County Tax Rate
1.92%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | 0.83% | 0.83% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Springfield, 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Springfield is $1,219 in the 04487 zip code, while the lowest median tax bill is also $1,219 in the same zip code.
Average Springfield Assessed Value
$93,965
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 Springfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $40,453 | $58,355 | $93,965 | $139,270 | $181,752 |
Source: Ownwell
Property Tax Bills Across Springfield, Maine
In Springfield, located in Penobscot County, ME, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is periodically evaluated by local assessors. Factors such as property size, location, and improvements can influence this assessment. Homeowners in Springfield experience property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $650, while the 75th percentile reaches approximately $1,532. The 90th percentile tax bill can go up to $2,256. These figures indicate a considerable range, reflecting the diverse property values within the area. Comparatively, the national median property tax rate is 0.99%, making Springfield's tax environment relatively moderate. For homeowners, understanding these factors is crucial as they impact yearly financial planning and the overall cost of homeownership. The highest median tax bill in the region is $1,219, found in the 04487 zip code, underscoring the variability within the county.
Average Springfield Tax Bill
$1,219
Average Penobscot County Tax Bill
$2,548
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04487 | $411 | $650 | $1,219 | $1,532 | $2,256 |
Source: Ownwell