Stratton, Franklin County, Maine Property Taxes
The median property tax rate in Stratton, ME is 1.12%, slightly higher than the national median of 0.99% but lower than Maine's state median of 1.57%. With a median home value of $150,200 in Stratton, the typical annual property tax bill amounts to $1,634, which is below the national median of $2,690. Property taxes in Stratton are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Stratton's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Stratton or another part of Franklin County, grasping the local property tax intricacies will be beneficial.
Last Updated June 14, 2024
Stratton, Franklin County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,682
$1,561
Ownwell’s Stratton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stratton with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stratton to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, assigned by the county for property tax calculations, takes into account any applicable exemptions.
Property Tax Rates Across Stratton, Franklin County, Maine
Property taxes in Stratton, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stratton is 1.12%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Stratton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stratton 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 Stratton's effective property tax rate to other counties in Maine and the national median. For comparison, the 04982 zip code has both the highest and lowest median property tax rate of 1.12%. Understanding how these areas compare with Stratton 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 Stratton Tax Rate
1.12%
Average Franklin County Tax Rate
1.80%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stratton, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04982 | 0.95% | 0.95% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Stratton, Franklin County, Maine
In Stratton, 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 Stratton, 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 Stratton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Stratton is $1,634 in the 04982 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Stratton, Franklin County, Maine
Source: Ownwell
$26,240
$129,348
$232,455
Average Stratton Assessed Value
$150,200
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 Stratton, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04982 | $92,000 | $112,200 | $150,200 | $184,900 | $222,000 |
Source: Ownwell
Property Tax Bills Across Stratton, Franklin County, Maine
In Stratton, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is an estimation of your property's market value, which local assessors determine. This value is then multiplied by the tax rate set by Franklin County to calculate your annual tax bill. Several factors influence the assessed value, including the size of your property, the condition of your home, and recent sales of similar properties in the area. For homeowners in Stratton, the median home price is $150,200. The tax bill can vary significantly, with the 25th percentile at $1,171 and the 75th percentile at $2,064. At the higher end, the 90th percentile reaches up to $2,443. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Higher property taxes can impact homeowners by increasing their monthly expenses, but they also contribute to maintaining and improving community services.
Average Stratton Tax Bill
$1,634
Average Franklin County Tax Bill
$1,981
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Stratton, Franklin County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04982 | $874 | $1,171 | $1,634 | $2,064 | $2,443 |
Source: Ownwell