Wales, Maine Property Taxes
The median property tax rate in Wales, ME is 1.95%, significantly higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Wales at $81,600, the typical annual property tax bill reaches $1,591, exceeding the national median of $2,690. Property taxes in Wales 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 Wales'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 Wales 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
Wales, 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 Wales Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wales with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wales 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 Wales, Maine
Property taxes in Wales, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wales is 1.95%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Wales set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wales 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 Wales' effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04280 has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Wales 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 Wales Tax Rate
1.95%
Average Kennebec County Tax Rate
1.72%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wales, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04280 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Wales, Maine
In Wales, 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 Wales, 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 Wales helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04280, with a value of $1,591.
Average Wales Assessed Value
$81,600
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 Wales, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04280 | $81,600 | $81,600 | $81,600 | $81,600 | $81,600 |
Source: Ownwell
Property Tax Bills Across Wales, Maine
In Wales, located in Kennebec County, ME, property tax bills are calculated based on the assessed value of a property. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Wales, the median home price is $81,600. The property tax rate in this area results in a median tax bill of $1,591, which is significantly higher than the national median property tax rate of 0.99%. This consistent tax bill of $1,591 applies across various percentiles, indicating a uniformity in tax assessments within this region. Several factors influence the assessed value of a property, including its market value, location, and any improvements or renovations made. The property tax bill directly impacts homeowners by contributing to local revenue, which funds essential public services such as schools, infrastructure, and emergency services. For residents of Wales, this means that understanding how their property tax is calculated is crucial for financial planning and ensuring they can meet their tax obligations.
Average Wales Tax Bill
$1,591
Average Kennebec County Tax Bill
$2,685
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Wales, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04280 | $1,591 | $1,591 | $1,591 | $1,591 | $1,591 |
Source: Ownwell