Mexico, Oxford County, Maine Property Taxes
The median property tax rate in Mexico, ME is 2.92%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Mexico, the typical annual property tax bill reaches $2,248, which is below the national median of $2,690. Property taxes in Mexico 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 Mexico'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 Mexico 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
Mexico, Oxford County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$2,263
$2,100
Ownwell’s Mexico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mexico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mexico 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 Mexico, Oxford County, Maine
Property taxes in Mexico, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mexico is 2.92%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mexico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mexico 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 Mexico's effective property tax rate to other counties in Maine and the national median. For comparison, the 04257 zip code has the highest median property tax rate of 2.92%, while the same zip code also has the lowest median tax rate of 2.92%. Understanding how these cities compare with Mexico 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 Mexico Tax Rate
2.92%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mexico, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04257 | 2.92% | 2.92% | 2.92% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Mexico, Oxford County, Maine
In Mexico, 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 Mexico, 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. The median home price in Mexico is $77,500, with tax bills ranging from $1,653 at the 25th percentile to $3,533 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,248, found in the 04257 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mexico, Oxford County, Maine
Source: Ownwell
$26,046
$119,248
$212,450
Average Mexico Assessed Value
$77,500
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 Mexico, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04257 | $25,000 | $57,400 | $77,500 | $98,100 | $121,120 |
Source: Ownwell
Property Tax Bills Across Mexico, Oxford County, Maine
In Mexico, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the local assessor's office and reflects the market value of the home. For instance, the median home price in Mexico is $77,500. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the 25th percentile tax bill in Mexico is $1,653, while the 75th percentile is $2,853. The highest median tax bill in the area, recorded at $2,248, is found in the 04257 zip code. These taxes significantly impact homeowners, as they represent a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, the rates in Mexico can vary, affecting the overall financial burden on property owners.
Average Mexico Tax Bill
$2,248
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Mexico, Oxford County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04257 | $724 | $1,653 | $2,248 | $2,853 | $3,533 |
Source: Ownwell