Cumberland Foreside, Cumberland County, Maine Property Taxes
The median property tax rate in Cumberland Foreside, ME is 2.12%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Cumberland Foreside at $515,600, the typical annual property tax bill reaches $10,931, exceeding the national median of $2,690. Property taxes in Cumberland Foreside 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 Cumberland Foreside'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 Cumberland Foreside 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
Cumberland Foreside, Cumberland County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$10,931
$10,143
Ownwell’s Cumberland Foreside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cumberland Foreside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cumberland Foreside 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 Cumberland Foreside, Cumberland County, Maine
Property taxes in Cumberland Foreside, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cumberland Foreside is 2.12%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cumberland Foreside set these rates annually, and they can vary across different neighborhoods. Each year, Cumberland Foreside 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 Cumberland Foreside's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the 04110 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 figures compare with Cumberland Foreside 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.
Property Tax Rates Across Cumberland Foreside, Cumberland County, Maine
Source: Ownwell
0.59%
1.46%
2.33%
Average Cumberland Foreside 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 Cumberland Foreside, Cumberland County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04110 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Cumberland Foreside, Cumberland County, Maine
In Cumberland Foreside, 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 Cumberland Foreside, 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 Cumberland Foreside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04110 has the highest and lowest median tax bill at $10,931.
Property Tax Assessment Values Across Cumberland Foreside, Cumberland County, Maine
Source: Ownwell
$153,100
$402,100
$651,100
Average Cumberland Foreside Assessed Value
$515,600
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 Cumberland Foreside, Cumberland County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04110 | $289,460 | $342,200 | $515,600 | $723,300 | $1,235,380 |
Source: Ownwell
Property Tax Bills Across Cumberland Foreside, Cumberland County, Maine
In Cumberland Foreside, ME, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the county to determine the annual tax bill. For homeowners in Cumberland Foreside, the median home price stands at $515,600, which significantly impacts their tax obligations. Homeowners in this region face tax bills ranging from $7,248 at the 25th percentile to $15,334 at the 75th percentile, with the 90th percentile reaching a substantial $26,190. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the higher property values in the area. The financial burden of these taxes can significantly affect homeowners, influencing decisions on property investments and long-term financial planning. Understanding these factors is crucial for residents as they navigate their property tax responsibilities and manage their household budgets accordingly.
Property Tax Bills Across Cumberland Foreside, Cumberland County, Maine
Source: Ownwell
$1,920
$6,426
$10,931
Average Cumberland Foreside Tax Bill
$10,931
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cumberland Foreside, Cumberland County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04110 | $6,137 | $7,248 | $10,931 | $15,334 | $26,190 |
Source: Ownwell