Freeman Twp, Maine Property Taxes
The median property tax rate in Freeman Township, ME is 0.83%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $145,595 in Freeman Township, the typical annual property tax bill is $1,202, significantly below the national median of $2,690. Property taxes in Freeman Township are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Freeman Township's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Freeman Township or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freeman Twp, 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 Freeman Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeman Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeman Twp 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 Freeman Twp, Maine
Property taxes in Freeman Township, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeman Township is 0.83%, which is lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Freeman Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeman Township 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 Freeman Township's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 04983 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Freeman Township 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 Freeman Twp Tax Rate
0.83%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeman Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04983 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Freeman Twp, Maine
In Freeman Township, 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 local appraisal authority 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 Freeman Township, 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. The median home price in Freeman Township is $145,595, with tax bills ranging from $742 at the 25th percentile to $2,283 at the 90th percentile. The highest and lowest median tax bills are both $1,202 in the 04983 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freeman Twp Assessed Value
$145,595
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 Freeman Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04983 | $33,518 | $89,848 | $145,595 | $197,918 | $276,332 |
Source: Ownwell
Property Tax Bills Across Freeman Twp, Maine
In Freeman Township, Franklin County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $145,595. Homeowners can expect a wide range of tax bills depending on various factors such as property size, location, and improvements. For instance, tax bills in the 25th percentile are around $742, while those in the 75th percentile reach approximately $1,635. The highest tax bills, found in the 90th percentile, can go up to $2,283. These tax bills are influenced by the local tax rate and the assessed value of the property. The assessed value is determined by local authorities and may not always align with market values. For homeowners, understanding these factors is crucial as it directly impacts their annual financial obligations. Compared to the national median property tax rate of 0.99%, Freeman Township's rates reflect the local economic conditions and funding needs for public services.
Average Freeman Twp Tax Bill
$1,202
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeman Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04983 | $283 | $742 | $1,202 | $1,635 | $2,283 |
Source: Ownwell