North Yarmouth, Maine Property Taxes
The median property tax rate in North Yarmouth, ME is 1.81%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in North Yarmouth at $336,100, the typical annual property tax bill reaches $6,083, far exceeding the national median of $2,690. Property taxes in North Yarmouth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding North Yarmouth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of North Yarmouth or another part of Cumberland County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Yarmouth, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$6,083
Ownwell’s North Yarmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Yarmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Yarmouth 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 North Yarmouth, Maine
Property taxes in North Yarmouth, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Yarmouth is 1.81%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within North Yarmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Yarmouth 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 North Yarmouth's effective property tax rate to other counties in Maine and the national median. For comparison, the 04097 zip code has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these cities compare with North Yarmouth 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 North Yarmouth Tax Rate
1.81%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Yarmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04097 | 1.81% | 1.81% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across North Yarmouth, Maine
In North Yarmouth, 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 North Yarmouth, 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. North Yarmouth has both the highest and lowest median tax bills at $6,083 in the 04097 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average North Yarmouth Assessed Value
$336,100
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 North Yarmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04097 | $202,400 | $252,450 | $336,100 | $414,850 | $519,920 |
Source: Ownwell
Property Tax Bills Across North Yarmouth, Maine
In North Yarmouth, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in North Yarmouth, within Cumberland County, experience a median property tax rate that is higher than the national median of 0.99%. For example, the tax bill for homes in the 25th percentile is $4,570, while those in the 75th percentile face a tax bill of $7,508. The 90th percentile sees tax bills as high as $9,410. These figures highlight the significant impact property taxes can have on homeowners' finances, particularly in a region where the median home price is $336,100. Understanding these factors is crucial for homeowners as they budget for annual expenses and consider the long-term affordability of their properties.
Average North Yarmouth Tax Bill
$6,083
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across North Yarmouth, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04097 | $3,663 | $4,570 | $6,083 | $7,508 | $9,410 |
Source: Ownwell