Rome, Maine Property Taxes
The median property tax rate in Rome, ME is 1.14%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With a median home value of $157,050 in Rome, the typical annual property tax bill amounts to $1,790, falling below the national median of $2,690. Property taxes in Rome are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Rome'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 Rome 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
Rome, 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 Rome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rome 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 Rome, Maine
Property taxes in Rome, Maine, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Rome is 1.14%, higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Rome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rome 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 Rome's effective property tax rate to other counties in Maine and the national median. For comparison, the 04963 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Rome provides valuable insights into the varying tax landscape across Kennebec, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rome Tax Rate
1.14%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rome, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Rome, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rome, Maine. The market value represents 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 Rome, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Rome is $1,790, found in the 04963 zip code, which also has the lowest median tax bill at $1,790.
Average Rome Assessed Value
$157,050
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 Rome, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | $62,670 | $106,625 | $157,050 | $231,325 | $470,360 |
Source: Ownwell
Property Tax Bills Across Rome, Maine
In Rome, Kennebec 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 local assessor and reflects the market value of the property. The tax rate, often expressed as a percentage, is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. For example, the median home price in Rome is $157,050. Homeowners in the 25th percentile can expect a tax bill around $1,215, while those in the 75th percentile might see bills closer to $2,637. At the higher end, the 90th percentile tax bill can reach up to $5,362. These property taxes fund essential local services like schools, public safety, and infrastructure. While the national median property tax rate is 0.99%, the specific rate in Rome can significantly impact homeowners, making it crucial to understand how these bills are determined and managed.
Average Rome Tax Bill
$1,790
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Rome, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04963 | $715 | $1,215 | $1,790 | $2,637 | $5,362 |
Source: Ownwell