Island Falls, Aroostook County, Maine Property Taxes
Median Island Falls, ME effective property tax rate: 2.45%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Island Falls, ME home value: $82,800
Median annual Island Falls, ME tax bill: $1,994, $406 lower than the national median property tax bill of $2,400.
How are property taxes in Aroostook calculated?
Property taxes in Island Falls, ME are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Island Falls’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Island Falls, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Island Falls, Aroostook County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.45%
Estimate Property Tax Bill
$2,029
$1,882
Property Tax Rates Across Island Falls, Aroostook County, Maine
Local government entities set tax rates, which can vary widely within a state. This variation is primarily because each county annually estimates its required budget to provide services and then divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Island Falls, located in Aroostook County, Maine, the effective property tax rate is notably higher compared to the national median of 1.02%. This rate reflects the county's need to generate sufficient revenue to fund local services. When comparing Island Falls to other cities within Maine, it becomes evident that property tax rates can differ significantly, even within the same state.
Understanding these differences is crucial for property owners who are looking to manage their tax liabilities effectively. By appealing property tax assessments or seeking exemptions, residents can potentially reduce their tax burdens. This knowledge empowers property owners to make informed decisions and seek professional assistance when necessary.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Island Falls Taxx Rate
2.45%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Aroostook County Taxx Rate
2.26%
Median Effective Maine Tax Rate
1.57%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Island Falls, Aroostook County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | 2.30% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Island Falls, Aroostook County, Maine
When examining property taxes in Island Falls, Maine, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Aroostook County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Aroostook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Island Falls. For example, the median home price in Island Falls is $82,800, with tax bills ranging significantly across the county. 04747 has the highest median home price at $82,800.
Property Tax Assessment Values Across Island Falls, Aroostook County, Maine
Source: Ownwell
$38,785
$97,618
$156,450
Median Island Falls Market Value
$82,800
Median Aroostook County Market Value
$86,999
Median Maine Market Value
$204,200
Median United States Market Value
$244,900
Property Tax Assessment Values Across Island Falls, Aroostook County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | $34,900 | $51,625 | $82,800 | $112,125 | $151,800 |
Source: Ownwell
Property Tax Bills Across Island Falls, Aroostook County, Maine
Median Island Falls Tax Bill
$1,994
Median Aroostook County Tax Bill
$1,771
Median Maine Tax Bill
$3,200
Median United States Tax Bill
$2,690
Property Tax Bills Across Island Falls, Aroostook County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04747 | $854 | $1,233 | $1,994 | $2,721 | $3,693 |
Source: Ownwell