Cliff Island, Maine Property Taxes
The median property tax rate in Cliff Island, ME is 1.44%, which is higher than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $360,400 in Cliff Island, the typical annual property tax bill amounts to $5,193, significantly surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cliff Island's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cliff Island 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
Cliff Island, 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 Cliff Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cliff Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cliff Island 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 Cliff Island, Maine
Property taxes in Cliff Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cliff Island is 1.44%, significantly higher than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Cliff Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cliff Island 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 Cliff Island's effective property tax rate to other areas in Maine and the national median. For comparison, the 04019 zip code has both the highest and lowest median property tax rate of 1.44%. Understanding how these areas compare with Cliff Island 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 Cliff Island Tax Rate
1.44%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cliff Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04019 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Cliff Island, Maine
In Cliff Island, 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 Cliff Island, 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 Cliff Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,193, found in zip code 04019.
Average Cliff Island Assessed Value
$360,400
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 Cliff Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04019 | $254,200 | $265,200 | $360,400 | $464,400 | $548,680 |
Source: Ownwell
Property Tax Bills Across Cliff Island, Maine
In Cliff Island, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor, reflecting the property's market value. Homeowners in Cliff Island experience property tax bills that vary significantly, with the 25th percentile at $3,822 and the 75th percentile reaching $6,692. The highest median tax bill in the area is $5,193, found in zip code 04019. Several factors influence the tax bill, including the property's location, size, and condition. These taxes fund essential local services such as schools, public safety, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, homeowners in Cliff Island face a higher burden, which can impact their overall cost of living. Understanding how these taxes are calculated and what they fund can help homeowners better manage their finances and anticipate future expenses.
Average Cliff Island Tax Bill
$5,193
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cliff Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04019 | $3,663 | $3,822 | $5,193 | $6,692 | $7,907 |
Source: Ownwell