Harpswell, Maine Property Taxes
The median property tax rate in Harpswell, ME is 0.59%, considerably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Harpswell at $421,500, the typical annual property tax bill reaches $2,487, which is below the national median of $2,690. Property taxes in Harpswell 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 Harpswell'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 Harpswell 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
Harpswell, 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 Harpswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harpswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harpswell 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 Harpswell, Maine
Property taxes in Harpswell, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harpswell is 0.59%, significantly lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Harpswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harpswell 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 Harpswell's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04079 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Harpswell 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 Harpswell Tax Rate
0.59%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harpswell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04079 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Harpswell, Maine
In Harpswell, 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 Harpswell, 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 Harpswell is $421,500, with tax bills ranging from $1,650 at the 25th percentile to $5,610 at the 90th percentile. The zip code 04079 has the highest median tax bill of $2,487, which is also the lowest median tax bill in the area. Being aware of these valuation processes in Harpswell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harpswell Assessed Value
$421,500
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 Harpswell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04079 | $186,000 | $279,700 | $421,500 | $650,400 | $950,800 |
Source: Ownwell
Property Tax Bills Across Harpswell, Maine
In Harpswell, located in Cumberland County, ME, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Harpswell is $421,500, which plays a crucial role in calculating the tax bill. The assessed value is multiplied by the local tax rate to determine the annual tax obligation for homeowners. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Harpswell, the tax bill can vary significantly. The 25th percentile tax bill is $1,650, while the 75th percentile tax bill reaches $3,837. At the 90th percentile, homeowners might pay as much as $5,610. The highest and lowest median tax bills in Harpswell are both $2,487, which aligns closely with the national median property tax rate of 0.99%. These tax obligations impact homeowners by influencing their monthly mortgage payments and overall cost of homeownership, making it essential to understand how these calculations are made.
Average Harpswell Tax Bill
$2,487
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Harpswell, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04079 | $1,097 | $1,650 | $2,487 | $3,837 | $5,610 |
Source: Ownwell