Edgecomb, Maine Property Taxes
The median property tax rate in Edgecomb, ME is 1.67%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Edgecomb at $183,708, the typical annual property tax bill reaches $3,068, exceeding the national median of $2,690. Property taxes in Edgecomb 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 Edgecomb'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 Edgecomb 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
Edgecomb, 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 Edgecomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgecomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgecomb 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 Edgecomb, Maine
Property taxes in Edgecomb, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgecomb is 1.67%, significantly higher than the U.S. national median of 0.99%. Local government entities within Edgecomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgecomb 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 Edgecomb's effective property tax rate to other counties in Maine and the national median. For comparison, the 04556 zip code has the highest median property tax rate of 1.67%, while the 04556 zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Edgecomb provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edgecomb Tax Rate
1.67%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgecomb, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04556 | 1.67% | 1.67% | 1.67% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Edgecomb, Maine
In Edgecomb, 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 Lincoln 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 Edgecomb, 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 Edgecomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Edgecomb are both $3,068, with the zip code 04556.
Average Edgecomb Assessed Value
$183,708
Average Lincoln County Assessed Value
$224,290
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edgecomb, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04556 | $100,640 | $133,749 | $183,708 | $295,094 | $525,113 |
Source: Ownwell
Property Tax Bills Across Edgecomb, Maine
In Edgecomb, located in Lincoln County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Edgecomb stands at $183,708. Property taxes are determined by multiplying the assessed value of the property by the local tax rate, which varies annually based on budgetary needs and other factors. For homeowners in Edgecomb, the property tax bill can significantly impact their annual expenses. For instance, tax bills in the 25th percentile are around $2,233, while those in the 75th percentile reach up to $4,928. The highest tax bills, in the 90th percentile, can be as much as $8,770. These figures illustrate the range of property taxes that homeowners might encounter, depending on their property’s assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Edgecomb's property tax rates can present a considerable financial commitment for homeowners, influencing their overall cost of living and long-term financial planning.
Average Edgecomb Tax Bill
$3,068
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgecomb, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04556 | $1,680 | $2,233 | $3,068 | $4,928 | $8,770 |
Source: Ownwell