Albion, Maine Property Taxes
The median property tax rate in Albion, ME is 1.66%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Albion, the typical annual property tax bill reaches $2,042, exceeding the national median of $2,690. Property taxes in Albion 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 Albion'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 Albion or another part of Kennebec County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albion, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$2,042
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Maine
Property taxes in Albion, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 1.66%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04910 has both the highest and lowest median property tax rate of 1.66%. Understanding how these areas compare with Albion provides valuable insights into the varying tax landscape across Kennebec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
1.66%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04910 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Maine
In Albion, 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 Kennebec 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 Albion, 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, Albion’s highest and lowest median tax bills are both $2042, found in zip code 04910, reflecting a consistent tax burden across the area.
Average Albion Assessed Value
$123,000
Average Kennebec County Assessed Value
$154,165
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04910 | $53,420 | $91,475 | $123,000 | $154,350 | $194,190 |
Source: Ownwell
Property Tax Bills Across Albion, Maine
In Albion, located in Kennebec County, ME, property tax bills are primarily calculated based on the assessed value of a property. The local tax assessor evaluates properties to determine their assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Albion, the median home price is $123,000. The tax bills in this area can vary significantly, with the 25th percentile paying around $1,518 and the 75th percentile facing bills up to $2,562. Those in the 90th percentile see tax bills as high as $3,224. Several factors influence these tax amounts, including property size, location, and condition. Compared to the national median property tax rate of 0.99%, Albion's property tax rate can be considered relatively moderate, impacting homeowners' annual financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Albion Tax Bill
$2,042
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04910 | $886 | $1,518 | $2,042 | $2,562 | $3,224 |
Source: Ownwell