North Waterford, Maine Property Taxes
The median property tax rate in North Waterford, ME is 1.47%, higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in North Waterford, the typical annual property tax bill reaches $563, which is significantly lower than the national median of $2,690. Property taxes in North Waterford are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Waterford'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 North Waterford 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
North Waterford, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$563
Ownwell’s North Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Waterford 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 North Waterford, Maine
Property taxes in North Waterford, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Waterford is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Waterford set these rates annually, and they can vary across different neighborhoods. Each year, North Waterford 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 North Waterford's effective property tax rate to other areas in Oxford County and the national median. For comparison, the 04267 zip code has the highest median property tax rate of 1.47%, while the same 04267 zip code also has the lowest median tax rate of 1.47%. Understanding how these figures compare with North Waterford 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 North Waterford Tax Rate
1.47%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04267 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across North Waterford, Maine
In North Waterford, 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 North Waterford, 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. Interestingly, the highest and lowest median tax bills in North Waterford are the same, both standing at $563 in the 04267 zip code. 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 North Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average North Waterford Assessed Value
$38,300
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 North Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04267 | $38,300 | $38,300 | $38,300 | $38,300 | $38,300 |
Source: Ownwell
Property Tax Bills Across North Waterford, Maine
In North Waterford, located in Oxford 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 North Waterford is $38,300, which serves as the foundation for determining the property tax bill. The assessed value is then multiplied by the local property tax rate to calculate the annual tax obligation. For North Waterford, the property tax rate is higher than the national median of 0.99%, reflecting the local funding needs and budgetary requirements. Homeowners in North Waterford can expect a consistent property tax bill, as data shows the tax bill at the 25th, 75th, and 90th percentiles all to be $563. This uniformity indicates a stable tax environment, which can help homeowners better plan their finances. The impact on homeowners is significant, as property taxes contribute to funding essential community services such as schools, public safety, and infrastructure. Understanding these factors can help residents anticipate their financial responsibilities and the benefits derived from their tax contributions.
Average North Waterford Tax Bill
$563
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across North Waterford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04267 | $563 | $563 | $563 | $563 | $563 |
Source: Ownwell