Steep Falls, Maine Property Taxes
The median property tax rate in Steep Falls, ME is 1.45%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Steep Falls at $210,400, the typical annual property tax bill reaches $3,040, exceeding the national median of $2,690. Property taxes in Steep Falls 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 Steep Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Steep Falls 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
Steep Falls, 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 Steep Falls Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Steep Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steep Falls 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 Steep Falls, Maine
Property taxes in Steep Falls, Maine, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steep Falls is 1.45%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Steep Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steep Falls 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 Steep Falls' effective property tax rate to other counties in Maine and the national median. For comparison, the 04085 zip code has the highest median property tax rate of 1.45%, while the 04085 zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Steep Falls 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 Steep Falls Tax Rate
1.45%
Average Cumberland County Tax Rate
1.52%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steep Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04085 | 1.44% | 1.44% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Steep Falls, Maine
In Steep Falls, 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 Steep Falls, 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 Steep Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Steep Falls are both $3,040, found in the 04085 zip code.
Average Steep Falls Assessed Value
$210,400
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 Steep Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04085 | $145,940 | $182,300 | $210,400 | $252,600 | $304,120 |
Source: Ownwell
Property Tax Bills Across Steep Falls, Maine
In Steep Falls, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $210,400. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $2,634, the 75th percentile at $3,650, and the 90th percentile reaching up to $4,395. These figures indicate a range of tax burdens, influenced by property values and local rates. The highest median tax bill recorded in Steep Falls is $3,040, with the same value also being the lowest, indicating consistent tax assessments within the zip code 04085. Compared to the national median property tax rate of 0.99%, Steep Falls homeowners may experience higher or lower rates depending on the assessed value and specific local tax rates. Understanding these factors can help homeowners anticipate their tax liabilities and plan accordingly, ensuring they are well-prepared for their annual property tax bills.
Average Steep Falls Tax Bill
$3,040
Average Cumberland County Tax Bill
$4,856
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Steep Falls, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04085 | $2,109 | $2,634 | $3,040 | $3,650 | $4,395 |
Source: Ownwell