Orrs Island, Maine Property Taxes
The median property tax rate in Orrs Island, 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 Orrs Island at $465,800, the typical annual property tax bill reaches $2,748, slightly above the national median of $2,690. Property taxes in Orrs 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 Orrs 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 Orrs 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
Orrs Island, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,748
Ownwell’s Orrs Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orrs Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orrs 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 Cumberland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Orrs Island, Maine
Property taxes in Orrs 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 Orrs Island is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Orrs Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orrs 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 Orrs Island's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04066 has both the highest and the lowest median property tax rate of 0.59%. Understanding how these cities compare with Orrs 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 Orrs Island 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 Orrs Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04066 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Orrs Island, Maine
In Orrs 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 Orrs 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. 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 Orrs Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04066, with a median tax bill of $2,748.
Average Orrs Island Assessed Value
$465,800
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 Orrs Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04066 | $232,980 | $316,800 | $465,800 | $709,350 | $1,022,780 |
Source: Ownwell
Property Tax Bills Across Orrs Island, Maine
In Orrs Island, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Orrs Island can expect their tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Orrs Island is $465,800. Property taxes here are higher than the national median property tax rate of 0.99%, with tax bills ranging from $1,869 at the 25th percentile to $6,034 at the 90th percentile. The highest median tax bill in the area is $2,748, which is consistent across the zip code 04066. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community. For homeowners, understanding these factors is crucial for financial planning and assessing the long-term costs of homeownership in Orrs Island.
Average Orrs Island Tax Bill
$2,748
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Orrs Island, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04066 | $1,375 | $1,869 | $2,748 | $4,186 | $6,034 |
Source: Ownwell