Albany Twp, Maine Property Taxes
The median property tax rate in Albany Township, ME is 0.93%, slightly below the national median of 0.99% and significantly lower than the Maine state median of 1.57%. With a median home value of $148,580 in Albany Township, the typical annual property tax bill amounts to $1,383, which is well below the national median of $2,690. Property taxes in Albany Township are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Albany Township'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 Albany Township or another part of Oxford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany Twp, 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 Albany Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany Township 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 Albany Twp, Maine
Property taxes in Albany Township, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany Township is 0.93%, slightly lower than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Albany Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany Township 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 Albany Township's effective property tax rate to other counties in Maine and the national median. For comparison, the 04217 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Albany Township provides valuable insights into the varying tax landscape across Oxford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Twp Tax Rate
0.93%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Albany Twp, Maine
In Albany Township, 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 Oxford 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 Albany Township, 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 Albany Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,383, found in the 04217 zip code.
Average Albany Twp Assessed Value
$148,580
Average Oxford County Assessed Value
$138,018
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | $52,108 | $97,172 | $148,580 | $205,680 | $301,964 |
Source: Ownwell
Property Tax Bills Across Albany Twp, Maine
In Albany Township, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value reflects the market value of the home, which in this region has a median price of $148,580. The local tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property location, improvements, and market trends. Homeowners in Albany Township can expect a range of tax bills; the 25th percentile tax bill is around $904, while the 75th percentile reaches $1,915. For those at the higher end, the 90th percentile tax bill can be as much as $2,811. Compared to the national median property tax rate of 0.99%, the tax bills in Albany Township reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Albany Twp Tax Bill
$1,383
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany Twp, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04217 | $485 | $904 | $1,383 | $1,915 | $2,811 |
Source: Ownwell