New Sharon, Franklin County, Maine Property Taxes
The median property tax rate in New Sharon, ME is 1.75%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in New Sharon, the typical annual property tax bill reaches $2,057, which is still below the national median of $2,690. Property taxes in New Sharon 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 New Sharon'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 New Sharon 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
New Sharon, Franklin County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$2,057
$1,909
Ownwell’s New Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Sharon 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 New Sharon, Franklin County, Maine
Property taxes in New Sharon, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Sharon is 1.75%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within New Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Sharon 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 New Sharon's effective property tax rate to other areas in Maine and the national median. For comparison, the 04955 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these areas compare with New Sharon 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 New Sharon Tax Rate
1.75%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Sharon, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04955 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across New Sharon, Franklin County, Maine
In New Sharon, 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 local authorities 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. Assessment notices in New Sharon 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 New Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $117,530, with tax bills ranging from $1,501 at the 25th percentile to $3,867 at the 90th percentile. The highest and lowest median tax bills are both $2,057 in zip code 04955.
Property Tax Assessment Values Across New Sharon, Franklin County, Maine
Source: Ownwell
$26,240
$129,348
$232,455
Average New Sharon Assessed Value
$117,530
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 New Sharon, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04955 | $56,554 | $85,790 | $117,530 | $161,450 | $220,965 |
Source: Ownwell
Property Tax Bills Across New Sharon, Franklin County, Maine
Property tax bills in New Sharon, located in Franklin County, ME, are calculated based on the assessed value of a property and the local tax rate. The median home price in New Sharon is $117,530, which serves as a benchmark for determining tax obligations. To calculate the tax bill, the assessed value of the property is multiplied by the local tax rate. This process considers factors such as property location, size, and any improvements made to the property. Homeowners in New Sharon typically face varying tax bills, with the 25th percentile bill at $1,501 and the 75th percentile bill at $2,825. At the higher end, the 90th percentile tax bill reaches $3,867. These figures indicate that tax bills can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. For instance, the highest median tax bill in the area is $2,057, which is relatively high for the region. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average New Sharon Tax Bill
$2,057
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across New Sharon, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04955 | $990 | $1,501 | $2,057 | $2,825 | $3,867 |
Source: Ownwell