Cherryfield, Maine Property Taxes
The median property tax rate in Cherryfield, ME is 1.92%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cherryfield at $85,400, the typical annual property tax bill reaches $1,615, which is still below the national median of $2,690. Property taxes in Cherryfield 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 Cherryfield'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 Cherryfield 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
Cherryfield, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,640
Ownwell’s Cherryfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherryfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherryfield 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 Cherryfield, Maine
Property taxes in Cherryfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherryfield is 1.92%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cherryfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherryfield 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 Cherryfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04622 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Cherryfield 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 Cherryfield Tax Rate
1.92%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Cherryfield, Maine
In Cherryfield, 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 Cherryfield, 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 Cherryfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Cherryfield is $1,615 in the 04622 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average Cherryfield Assessed Value
$85,400
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 Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | $40,600 | $60,600 | $85,400 | $119,850 | $172,450 |
Source: Ownwell
Property Tax Bills Across Cherryfield, Maine
In Cherryfield, located in Washington County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Cherryfield, the median home price is $85,400, which is used as a benchmark for assessments. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,159 and the 75th percentile tax bill at $2,263. At the 90th percentile, homeowners might see tax bills as high as $3,266. The highest and lowest median tax bills in the area both stand at $1,615, indicating a relatively narrow range in the median tax burden. Comparatively, the national median property tax rate is 0.99%, so homeowners in Cherryfield may find their property tax rates either higher or lower depending on specific local rates and assessed values. This variation can significantly impact household budgets and long-term financial planning for homeowners in the area.
Average Cherryfield Tax Bill
$1,615
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherryfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04622 | $767 | $1,159 | $1,615 | $2,263 | $3,266 |
Source: Ownwell