Vassalboro, Maine Property Taxes
The median property tax rate in Vassalboro, ME is 1.44%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Vassalboro at $161,050, the typical annual property tax bill reaches $2,319, which is below the national median of $2,690. Property taxes in Vassalboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vassalboro'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 Vassalboro 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
Vassalboro, 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 Vassalboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vassalboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vassalboro 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 Vassalboro, Maine
Property taxes in Vassalboro, Maine, play a crucial role in funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in Vassalboro is 1.44%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Vassalboro set these rates annually, and they can vary notably across different neighborhoods. Each year, Vassalboro 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 Vassalboro's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04989 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these areas compare with Vassalboro 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 Vassalboro Tax Rate
1.44%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vassalboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04989 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Vassalboro, Maine
In Vassalboro, 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 Vassalboro, 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 Vassalboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Vassalboro are both $2319, occurring in the 04989 zip code.
Average Vassalboro Assessed Value
$161,050
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 Vassalboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04989 | $75,890 | $116,725 | $161,050 | $207,950 | $261,960 |
Source: Ownwell
Property Tax Bills Across Vassalboro, Maine
In Vassalboro, located in Kennebec County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, condition, and any improvements made. For instance, a median home price in Vassalboro stands at $161,050. Homeowners in this area can expect their tax bills to range significantly, with the 25th percentile paying around $1,680 and the 75th percentile paying approximately $2,994. The top 10% of homeowners might see tax bills as high as $3,772. These property taxes are crucial for funding local services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Vassalboro's rates can be considered relatively moderate, providing a balanced approach to supporting community needs while maintaining affordability for homeowners.
Average Vassalboro Tax Bill
$2,319
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Vassalboro, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04989 | $1,093 | $1,680 | $2,319 | $2,994 | $3,772 |
Source: Ownwell