Richmond, Maine Property Taxes
The median property tax rate in Richmond, ME is 1.95%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Richmond at $138,800, the typical annual property tax bill reaches $2,714, slightly exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$2,707
Ownwell’s Richmond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular trends, localized information is available for deeper insights. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Richmond, Maine
Property taxes in Richmond, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Maine and the national median. For comparison, the 04357 zip code has the highest median property tax rate of 1.95%, while the 04357 zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across Sagadahoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
1.95%
Average Sagadahoc County Tax Rate
1.54%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04357 | 1.95% | 1.95% | 1.95% | 1.96% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Maine
In Richmond, 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 Sagadahoc 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Richmond are both $2714 in the zip code 04357.
Average Richmond Assessed Value
$138,800
Average Sagadahoc County Assessed Value
$236,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04357 | $77,070 | $104,475 | $138,800 | $177,150 | $225,472 |
Source: Ownwell
Property Tax Bills Across Richmond, Maine
In Richmond, property tax bills are determined primarily by the assessed value of a home and the local tax rate. The assessed value is an estimate of your property's worth, which is then multiplied by the tax rate set by Sagadahoc County. For example, with a median home price of $138,800, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $2,042, while at the 75th percentile, they rise to approximately $3,463. The highest tax bills, at the 90th percentile, can reach up to $4,408. These figures highlight the variability in property tax burdens within Richmond. Compared to the national median property tax rate of 0.99%, Richmond's rates can be quite impactful on household budgets. Homeowners in Richmond should be aware of these factors as they can significantly influence their annual expenses. Understanding how these elements interplay can help residents better anticipate and manage their property tax obligations.
Average Richmond Tax Bill
$2,714
Average Sagadahoc County Tax Bill
$3,525
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04357 | $1,506 | $2,042 | $2,714 | $3,463 | $4,408 |
Source: Ownwell