Casco, Maine Property Taxes
The median property tax rate in Casco, ME is 1.57%, matching the state median but significantly higher than the national median of 0.99%. With the median home value in Casco at $153,100, the typical annual property tax bill reaches $2,398, slightly below the national median of $2,690. Property taxes in Casco are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Casco'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 Casco or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Casco, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$2,404
Ownwell’s Casco Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Casco. By simply entering your property's estimated assessed value, the calculator efficiently applies the median tax rate in Casco to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you plan your finances better. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Casco, Maine
Property taxes in Casco, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Casco is 1.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Casco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Casco 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 Casco's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the 04015 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these values compare with Casco 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 Casco Tax Rate
1.57%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Casco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04015 | 1.57% | 1.57% | 1.57% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Casco, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Casco, 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 Cumberland County 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 Casco, 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. The median home price in Casco is $153,100, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,592, while the 75th percentile reaches $3,679, and the 90th percentile climbs to $5,254. Notably, the highest and lowest median tax bills in Casco both stand at $2,398 in the 04015 zip code. 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 Casco Assessed Value
$153,100
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 Casco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04015 | $19,200 | $101,625 | $153,100 | $234,900 | $335,530 |
Source: Ownwell
Property Tax Bills Across Casco, Maine
In Casco, located in Cumberland County, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town’s assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements or renovations. In Casco, the median home price is $153,100, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,592, while those in the 75th percentile might see bills as high as $3,679. The top 10% of property tax bills can reach up to $5,254. Compared to the national median property tax rate of 0.99%, Casco’s property tax rates can have a substantial impact on homeowners, affecting their annual budget and long-term financial planning.
Average Casco Tax Bill
$2,398
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Casco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04015 | $301 | $1,592 | $2,398 | $3,679 | $5,254 |
Source: Ownwell