Otisfield, Maine Property Taxes
The median property tax rate in Otisfield, ME is 1.62%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Otisfield at $113,445, the typical annual property tax bill reaches $1,838, which is below the national median of $2,690. Property taxes in Otisfield 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 Otisfield'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 Otisfield 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
Otisfield, 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 Otisfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otisfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otisfield 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 Otisfield, Maine
Property taxes in Otisfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otisfield is 1.62%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Otisfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otisfield 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 Otisfield's effective property tax rate to other areas in Maine and the national median. For comparison, the 04270 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these areas compare with Otisfield 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 Otisfield Tax Rate
1.62%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otisfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | 1.62% | 1.62% | 1.62% | 1.62% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Otisfield, Maine
In Otisfield, 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. 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 Otisfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Otisfield is $113,445, with the highest and lowest median tax bills being $1,838 in the 04270 zip code.
Average Otisfield Assessed Value
$113,445
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 Otisfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $66,082 | $87,122 | $113,445 | $148,676 | $217,740 |
Source: Ownwell
Property Tax Bills Across Otisfield, Maine
In Otisfield, located in Oxford County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Otisfield is $113,445, and property tax bills can vary significantly within the area. The 25th percentile tax bill is $1,411, while the 75th percentile reaches $2,408, and the 90th percentile can be as high as $3,528. These figures indicate a range of potential tax burdens for homeowners, influenced by the specific value of their property and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Otisfield's rates reflect the local economic and property market conditions, impacting how much homeowners ultimately pay in property taxes each year.
Average Otisfield Tax Bill
$1,838
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Otisfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04270 | $1,070 | $1,411 | $1,838 | $2,408 | $3,528 |
Source: Ownwell