Gorham, Maine Property Taxes
The median property tax rate in Gorham, ME is 1.28%, which is notably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $374,500, the typical annual property tax bill in Gorham amounts to $4,829, significantly surpassing the national median of $2,690. Property taxes in Gorham are determined based on the tax assessed value, which is usually lower than the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Gorham's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Gorham or another part of Cumberland County, being well-versed in the local property tax system is advantageous.
Last Updated June 14, 2024
Gorham, 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 Gorham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gorham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gorham 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 Gorham, Maine
Property taxes in Gorham, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gorham is 1.28%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Gorham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gorham 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 Gorham's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the zip code 04038 has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Gorham 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 Gorham Tax Rate
1.28%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gorham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04038 | 1.28% | 1.28% | 1.28% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Gorham, Maine
In Gorham, 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 Gorham, 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 Gorham is $374,500, with tax bills varying significantly. For example, the 25th percentile tax bill is around $3,786, while the 75th percentile tax bill reaches $6,074. The highest median tax bill in the area is $4,829, found in the 04038 zip code, which also has the lowest median tax bill. 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 their tax burden.
Average Gorham Assessed Value
$374,500
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 Gorham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04038 | $196,520 | $293,200 | $374,500 | $472,200 | $555,360 |
Source: Ownwell
Property Tax Bills Across Gorham, Maine
In Gorham, ME, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The tax rate, also known as the mill rate, is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $374,500, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property location within Cumberland County, property type, and any applicable exemptions or abatements also influence the final tax bill. For instance, tax bills in Gorham show a wide range, with the 25th percentile at $3,786 and the 75th percentile at $6,074. The 90th percentile tax bill can reach up to $7,147, highlighting the variability based on property specifics. This system ensures that property tax contributions are proportionate to property values, impacting homeowners by directly correlating their tax obligations with the market value of their properties. This approach aligns with the national median property tax rate of 0.99%, providing a comparative framework for understanding local tax burdens.
Average Gorham Tax Bill
$4,829
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Gorham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04038 | $2,706 | $3,786 | $4,829 | $6,074 | $7,147 |
Source: Ownwell