Carrabassett Valley, Franklin County, Maine Property Taxes
The median property tax rate in Carrabassett Valley, ME is 0.76%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Carrabassett Valley at $225,500, the typical annual property tax bill amounts to $1,714, falling below the national median of $2,690. Property taxes in Carrabassett Valley are calculated based on the assessed value, which often sits below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Carrabassett Valley'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 Carrabassett Valley 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
Carrabassett Valley, Franklin County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,714
$1,590
Ownwell’s Carrabassett Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carrabassett Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrabassett Valley 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 Carrabassett Valley, Franklin County, Maine
Property taxes in Carrabassett Valley, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrabassett Valley is 0.76%, which is lower than both the Maine state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Carrabassett Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrabassett Valley 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 Carrabassett Valley's effective property tax rate to other counties in Maine and the national median. For comparison, the 04947 zip code has the highest median property tax rate of 0.76%, while the 04947 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Carrabassett Valley provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carrabassett Valley Tax Rate
0.76%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carrabassett Valley, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Carrabassett Valley, Franklin County, Maine
In Carrabassett Valley, 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 Franklin 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 Carrabassett Valley, 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 Carrabassett Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04947 in Carrabassett Valley consistently shows the highest and lowest median tax bills, both being $1,714, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Carrabassett Valley, Franklin County, Maine
Source: Ownwell
$26,240
$129,348
$232,455
Average Carrabassett Valley Assessed Value
$225,500
Average Franklin County Assessed Value
$119,100
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carrabassett Valley, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | $108,600 | $162,000 | $225,500 | $308,000 | $430,000 |
Source: Ownwell
Property Tax Bills Across Carrabassett Valley, Franklin County, Maine
In Carrabassett Valley, Franklin County, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the market value of the property. This assessed value is then multiplied by the town's tax rate to determine the annual tax bill. For homeowners in Carrabassett Valley, the median home price is $225,500. With local tax rates applied, tax bills can vary significantly. At the 25th percentile, homeowners might pay around $1,231, while those at the 75th percentile could see tax bills of approximately $2,343. The 90th percentile tax bill can reach up to $3,358. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, homeowners in Carrabassett Valley experience a range of tax bills that reflect the value and services provided in the area.
Property Tax Bills Across Carrabassett Valley, Franklin County, Maine
Source: Ownwell
$604
$1,596
$2,588
Average Carrabassett Valley Tax Bill
$1,714
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Carrabassett Valley, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04947 | $826 | $1,231 | $1,714 | $2,343 | $3,358 |
Source: Ownwell