Great Diamond Island, Maine Property Taxes
The median property tax rate in Great Diamond Island, ME is 1.44%, considerably higher than both the national median of 0.99% and Maine's state median of 1.57%. With the median home value in Great Diamond Island, the typical annual property tax bill reaches $5,662, exceeding the national median of $2,690. Property taxes in Great Diamond Island 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 Great Diamond Island'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 Great Diamond 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
Great Diamond 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 GREAT DIAMOND ISLAND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREAT DIAMOND ISLAND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREAT DIAMOND 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 Great Diamond Island, Maine
Property taxes in Great Diamond Island, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Great Diamond Island is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Great Diamond Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Great Diamond 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 Great Diamond Island's effective property tax rate to other areas in Maine and the national median. For comparison, the 04109 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these areas compare with Great Diamond 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 Great Diamond 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 Great Diamond Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Great Diamond Island, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Great Diamond Island, 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 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. 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. The median home price in Great Diamond Island is $392,950, with tax bills ranging from $4,093 at the 25th percentile to $9,730 at the 90th percentile. The zip code 04109 has both the highest and lowest median tax bill at $5,662. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Great Diamond Island, Maine
Source: Ownwell
$153,100
$460,950
$768,800
Average Great Diamond Island Assessed Value
$392,950
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 Great Diamond Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $269,500 | $284,025 | $392,950 | $581,625 | $675,200 |
Source: Ownwell
Property Tax Bills Across Great Diamond Island, Maine
In Great Diamond Island, Cumberland County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. For homeowners, this means their tax bill is directly influenced by the market value of their home and the applicable tax rate. The median home price in this area is $392,950, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $4,093, while the 75th percentile reaches $8,381, and the 90th percentile can go up to $9,730. The local tax rate, combined with the assessed value, determines the final tax bill. Homeowners in Great Diamond Island should be aware that their tax obligations can vary widely based on property values and any changes in local tax policies. Compared to the national median property tax rate of 0.99%, Cumberland County's figures highlight a significant financial consideration for property owners in the area. Understanding these factors helps homeowners plan for their annual tax responsibilities effectively.
Average Great Diamond Island Tax Bill
$5,662
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Great Diamond Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04109 | $3,884 | $4,093 | $5,662 | $8,381 | $9,730 |
Source: Ownwell