Somerville, Maine Property Taxes
The median property tax rate in Somerville, ME is 2.02%, significantly higher than both the national median of 0.99% and Maine's state median of 1.57%. With a median home value of $125,200 in Somerville, the typical annual property tax bill amounts to $2,529, slightly below the national median of $2,690. Property taxes in Somerville are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Somerville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Somerville or another part of the city, becoming well-versed in the local property tax system is crucial for financial planning and investment success.
Last Updated June 14, 2024
Somerville, 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 Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Maine
Property taxes in Somerville, ME, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 2.02%, significantly higher than the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other areas in Maine and the national median. For comparison, the 04348 zip code has the highest median property tax rate of 2.02%, while the same 04348 zip code also has the lowest median tax rate of 2.02%. Understanding how these cities compare with Somerville 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 Somerville Tax Rate
2.02%
Average Lincoln County Tax Rate
1.40%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | 2.02% | 2.02% | 2.02% | 2.02% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Maine
In Somerville, 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 Somerville, 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 04348, amounting to $2529.
Average Somerville Assessed Value
$125,200
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 Somerville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | $51,760 | $83,850 | $125,200 | $173,700 | $237,640 |
Source: Ownwell
Property Tax Bills Across Somerville, Maine
In Somerville, Lincoln County, ME, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For homeowners in Somerville, the median home price is $125,200. Property tax bills can vary widely, with the 25th percentile at $1,694 and the 75th percentile at $3,509. The 90th percentile tax bill can reach up to $4,800. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand their local rates and how they compare nationally. High property taxes can significantly impact homeowners by increasing the cost of living and affecting home affordability. It's crucial for homeowners to stay informed about their property assessments and tax rates to manage their financial planning effectively.
Average Somerville Tax Bill
$2,529
Average Lincoln County Tax Bill
$2,866
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04348 | $1,045 | $1,694 | $2,529 | $3,509 | $4,800 |
Source: Ownwell