Portland, Maine Property Taxes
The median property tax rate in Portland, ME is 1.44%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Portland at $390,150, the typical annual property tax bill reaches $5,622, exceeding the national median of $2,690. Property taxes in Portland 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 Portland'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 Portland 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
Portland, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$5,618
Ownwell’s Portland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portland 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 Portland, Maine
Property taxes in Portland, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portland is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Portland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portland 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 Portland's effective property tax rate to other cities in Cumberland County and the national median. For comparison, the 04101 zip code has the highest median property tax rate of 1.44%, while the 04109 zip code has the lowest median tax rate of 1.44%. Understanding how these cities compare with Portland 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 Portland 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 Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04101 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| 04102 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| 04103 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| 04109 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Portland, Maine
In Portland, 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 Portland, 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 Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Portland is $8,885 in the 04109 zip code, while the lowest is $5,326 in the 04103 zip code.
Average Portland Assessed Value
$390,150
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 Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04101 | $270,140 | $360,700 | $486,500 | $685,900 | $863,000 |
| 04102 | $257,600 | $318,625 | $389,650 | $520,700 | $710,850 |
| 04103 | $261,300 | $304,900 | $369,600 | $463,400 | $574,800 |
| 04109 | $288,800 | $401,150 | $616,600 | $810,750 | $1,066,700 |
Source: Ownwell
Property Tax Bills Across Portland, Maine
In Portland, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Cumberland County. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Portland, the median home price is approximately $390,150, which can result in varying tax bills. For example, the 25th percentile tax bill is around $4,526, while those in the 75th percentile might see bills as high as $7,433. Some homeowners in the 90th percentile could face tax bills up to $9,847. The highest median tax bill in the area is $8,885 in zip code 04109, while the lowest is $5,326 in zip code 04103. These property taxes significantly impact homeowners, influencing both affordability and long-term financial planning.
Average Portland Tax Bill
$5,622
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Portland, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04101 | $3,893 | $5,198 | $7,010 | $9,871 | $12,436 |
| 04102 | $3,712 | $4,591 | $5,615 | $7,503 | $10,244 |
| 04103 | $3,765 | $4,394 | $5,326 | $6,678 | $8,283 |
| 04109 | $4,162 | $5,780 | $8,885 | $11,683 | $15,371 |
Source: Ownwell