Cranberry Isles, Maine Property Taxes
The median property tax rate in Cranberry Isles, ME is 1.10%, 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 $236,500 in Cranberry Isles, the typical annual property tax bill amounts to $2,597, which is just below the national median of $2,690. Property taxes in Cranberry Isles are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agriculture. By understanding the property tax system in Cranberry Isles, exploring available exemptions, and identifying opportunities for reductions, residents can achieve significant annual savings. Whether you're in the heart of Cranberry Isles or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cranberry Isles, 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 Cranberry Isles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cranberry Isles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cranberry Isles 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 Cranberry Isles, Maine
Property taxes in Cranberry Isles, Maine, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Cranberry Isles is 1.10%, which is higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Cranberry Isles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cranberry Isles 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 Cranberry Isles' effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04625 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Cranberry Isles provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cranberry Isles Tax Rate
1.10%
Average Hancock County Tax Rate
1.23%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cranberry Isles, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04625 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Cranberry Isles, Maine
In Cranberry Isles, 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 Hancock 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 Cranberry Isles, 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. The median home price in the area is $236,500, with tax bills ranging from $1,961 at the 25th percentile to $4,105 at the 90th percentile. The highest and lowest median tax bills are both $2,597, found in the 04625 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Cranberry Isles Assessed Value
$236,500
Average Hancock County Assessed Value
$205,850
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cranberry Isles, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04625 | $152,020 | $178,600 | $236,500 | $303,600 | $373,820 |
Source: Ownwell
Property Tax Bills Across Cranberry Isles, Maine
In Cranberry Isles, 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 local assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $236,500 in Cranberry Isles, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $1,961, while the 75th percentile reaches $3,334, and the 90th percentile can go up to $4,105. These tax bills impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, the rates in Cranberry Isles can vary significantly, affecting affordability and long-term financial planning. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual financial obligations.
Average Cranberry Isles Tax Bill
$2,597
Average Hancock County Tax Bill
$2,609
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cranberry Isles, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04625 | $1,669 | $1,961 | $2,597 | $3,334 | $4,105 |
Source: Ownwell