Cape Elizabeth, Maine Property Taxes
The median property tax rate in Cape Elizabeth, ME is 2.12%, significantly higher than both the national median of 0.99% and Maine's state median of 1.57%. With a median home value of $332,550 in Cape Elizabeth, the typical annual property tax bill reaches $7,011, far exceeding the national median of $2,690. Property taxes in Cape Elizabeth are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Cape Elizabeth'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 Cape Elizabeth or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cape Elizabeth, 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 Cape Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Elizabeth 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 Cape Elizabeth, Maine
Property taxes in Cape Elizabeth, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape Elizabeth is 2.12%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cape Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Elizabeth 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 Cape Elizabeth's effective property tax rate to other counties in Maine and the national median. For comparison, the 04107 zip code has the highest median property tax rate of 2.12%, while the same zip code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Cape Elizabeth provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape Elizabeth Tax Rate
2.12%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Elizabeth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04107 | 2.11% | 2.11% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Cape Elizabeth, Maine
In Cape Elizabeth, 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 Cumberland 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 Cape Elizabeth, 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 Cape Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04107 has the highest and lowest median tax bill at $7,011, with tax bills ranging from $5,146 at the 25th percentile to $15,238 at the 90th percentile.
Average Cape Elizabeth Assessed Value
$332,550
Average Cumberland County Assessed Value
$319,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape Elizabeth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04107 | $191,940 | $243,375 | $332,550 | $491,125 | $730,160 |
Source: Ownwell
Property Tax Bills Across Cape Elizabeth, Maine
In Cape Elizabeth, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area is $332,550, which serves as a baseline for many calculations. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property size, location, and any exemptions or abatements also play a significant role in the final tax bill. Homeowners in Cape Elizabeth can expect varying tax bills. For instance, the 25th percentile tax bill is around $5,146, while the 75th percentile tax bill reaches $10,370. At the 90th percentile, homeowners might face tax bills as high as $15,238. The highest and lowest median tax bills in the area are both at $7,011, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual financial obligations, making it essential to understand how these taxes are calculated and managed.
Average Cape Elizabeth Tax Bill
$7,011
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Elizabeth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04107 | $4,060 | $5,146 | $7,011 | $10,370 | $15,238 |
Source: Ownwell