Long Island, Maine Property Taxes
The median property tax rate in Long Island, ME is 0.80%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Long Island at $365,318, the typical annual property tax bill reaches $2,937, slightly above the national median of $2,690. Property taxes in Long Island 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 Long 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 Long 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
Long Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$2,923
Ownwell’s Long Island Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Long Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Island to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Cumberland County for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Long Island, Maine
Property taxes in Long Island, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Island is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Long Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Island's effective property tax rate to other areas in Maine and the national median. For comparison, the 04050 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Long 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 Long Island Tax Rate
0.80%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04050 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Long Island, Maine
In Long 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 Long 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. For example, the median home price in Long Island is $365,318, with tax bills ranging from $1,965 at the 25th percentile to $4,802 at the 90th percentile. The highest and lowest median tax bills are both $2,937, found in zip code 04050. 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 Long Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Long Island Assessed Value
$365,318
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 Long Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04050 | $167,386 | $244,388 | $365,318 | $476,576 | $597,204 |
Source: Ownwell
Property Tax Bills Across Long Island, Maine
In Long Island, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $365,318, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The tax bill for the 25th percentile is around $1,965, while for the 75th percentile, it rises to $3,832. At the 90th percentile, homeowners may see tax bills as high as $4,802. These rates are significantly above the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the region. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. The highest and lowest median tax bill in the area is $2,937, found in zip code 04050.
Average Long Island Tax Bill
$2,937
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04050 | $1,346 | $1,965 | $2,937 | $3,832 | $4,802 |
Source: Ownwell