Addison, Maine Property Taxes
The median property tax rate in Addison, ME is 1.66%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Addison, the typical annual property tax bill reaches $1,631, exceeding the national median of $2,690. Property taxes in Addison 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 Addison'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 Addison 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
Addison, 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 Addison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Addison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Addison 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 Addison, Maine
Property taxes in Addison, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Addison is 1.66%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Addison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Addison 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 Addison's effective property tax rate to other counties in Maine and the national median. For comparison, the 04606 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Addison provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Addison Tax Rate
1.66%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Addison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04606 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Addison, Maine
In Addison, 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 local 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 Addison, 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 Addison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Addison are both $1,631, found in the 04606 zip code.
Average Addison Assessed Value
$98,250
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Addison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04606 | $28,290 | $67,100 | $98,250 | $167,075 | $268,430 |
Source: Ownwell
Property Tax Bills Across Addison, Maine
Property tax bills in Addison, located in Washington County, ME, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Addison, the median home price is $98,250. The tax bill for properties can vary significantly, with the 25th percentile at $1,114, the 75th percentile at $2,774, and the 90th percentile reaching up to $4,456. The median property tax bill in the area stands at $1,631, which is notably higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners need to be aware of these costs as they can impact overall affordability and long-term financial planning.
Average Addison Tax Bill
$1,631
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Addison, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04606 | $470 | $1,114 | $1,631 | $2,774 | $4,456 |
Source: Ownwell