Madrid Twp, Maine Property Taxes
The median property tax rate in Madrid Twp, ME is 0.83%, which is lower than both the national median of 0.99% and Maine's state median of 1.57%. With a median home value in Madrid Twp of $108,960, the typical annual property tax bill amounts to $909, significantly below the national median of $2,690. Property taxes in Madrid Twp are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Madrid Twp'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 Madrid Twp 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
Madrid Twp, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$904
Ownwell’s Madrid Twp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madrid Twp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madrid 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 Madrid Twp, Maine
Property taxes in Madrid Township, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madrid Township is 0.83%, lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Madrid Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madrid 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 Madrid Township's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04966 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Madrid 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 Madrid 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 Madrid Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | 0.83% | 0.83% | 0.83% | 0.83% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Madrid Twp, Maine
In Madrid 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 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 Madrid 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. Being aware of these valuation processes in Madrid Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 04966 has the highest and lowest median tax bill in the area at $909.
Average Madrid Twp Assessed Value
$108,960
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 Madrid Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | $56,374 | $66,100 | $108,960 | $157,710 | $230,774 |
Source: Ownwell
Property Tax Bills Across Madrid Twp, Maine
In Madrid Township, 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 reflects the market value of the property. Homeowners in Madrid Township experience a range of property tax bills, with the 25th percentile at $554 and the 75th percentile reaching $1,360. For those in the 90th percentile, the tax bill can be as high as $1,932. Interestingly, the highest and lowest median tax bills in the area both stand at $909, specifically in the 04966 zip code. Compared to the national median property tax rate of 0.99%, these figures highlight the variability within the region. Factors such as property size, location, and improvements can influence the assessed value, subsequently affecting the tax bill. Homeowners must budget for these taxes as they can significantly impact annual expenses, making it crucial to understand how their property is assessed and taxed.
Average Madrid Twp Tax Bill
$909
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Madrid Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04966 | $466 | $554 | $909 | $1,360 | $1,932 |
Source: Ownwell