Bingham, Maine Property Taxes
The median property tax rate in Bingham, ME is 1.74%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Bingham, the typical annual property tax bill reaches $1,314, exceeding the national median of $2,690. Property taxes in Bingham 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 Bingham'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 Bingham 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
Bingham, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$1,344
Ownwell’s Bingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bingham 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 Bingham, Maine
Property taxes in Bingham, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham 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 Bingham's effective property tax rate to other counties in Maine and the national median. For comparison, the 04920 zip code has the highest median property tax rate of 1.74%, while the 04920 zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Bingham provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bingham Tax Rate
1.74%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bingham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | 1.23% | 1.74% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Bingham, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bingham, 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 Somerset 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 Bingham, 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. For instance, the median home price in Bingham is $77,260, with tax bills ranging from $942 at the 25th percentile to $2,297 at the 90th percentile. The zip code with the highest median tax bill is 04920, amounting to $1,314. 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 Bingham Assessed Value
$77,260
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bingham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | $35,700 | $54,915 | $77,260 | $100,590 | $136,820 |
Source: Ownwell
Property Tax Bills Across Bingham, Maine
In Bingham, Somerset County, ME, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bingham is $77,260, and the property tax rate is crucial in calculating the final tax bill. Homeowners in Bingham can expect property tax bills to vary significantly based on their property's assessed value. For example, tax bills range from the 25th percentile at $942 to the 75th percentile at $1,673, with the 90th percentile reaching up to $2,297. These tax bills impact homeowners by influencing their annual housing costs and overall financial planning. Higher property taxes can affect affordability and may deter potential buyers, while lower taxes can make homeownership more accessible. Comparing these figures to the national median property tax rate of 0.99%, Bingham's property tax rates and bills reflect the local economic conditions and the value placed on community services funded by these taxes.
Average Bingham Tax Bill
$1,314
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04920 | $580 | $942 | $1,314 | $1,673 | $2,297 |
Source: Ownwell