Carthage, Maine Property Taxes
The median property tax rate in Carthage, ME is 1.85%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Carthage at $86,866, the typical annual property tax bill reaches $1,607, still below the national median of $2,690. Property taxes in Carthage 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 Carthage'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 Carthage 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
Carthage, 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 Carthage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage 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 Carthage, Maine
Property taxes in Carthage, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 1.85%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other counties in Maine and the national median. For comparison, the 04224 zip code has the highest median property tax rate of 1.85%, while the 04224 zip code has the lowest median tax rate of 1.85%. Understanding how these cities compare with Carthage provides valuable insights into the varying tax landscape across Franklin, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
1.85%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04224 | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Maine
In Carthage, 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 Carthage, 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. For example, the median home price in Carthage is $86,866. The tax bill at the 25th percentile is $868, while at the 75th percentile, it is $2,344. 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 Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carthage Assessed Value
$86,866
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 Carthage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04224 | $26,425 | $46,893 | $86,866 | $126,744 | $153,644 |
Source: Ownwell
Property Tax Bills Across Carthage, Maine
In Carthage, located in Franklin 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 town's assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $86,866, homeowners can expect to pay property taxes that vary significantly. The tax bill for the 25th percentile is around $868, while for the 75th percentile, it rises to approximately $2,344. Those in the 90th percentile may see bills as high as $2,843. These taxes fund essential local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Carthage homeowners might find their tax bills comparatively moderate, but they can vary widely based on the property's assessed value and specific location within the county.
Average Carthage Tax Bill
$1,607
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04224 | $488 | $868 | $1,607 | $2,344 | $2,843 |
Source: Ownwell