Stoneham, Maine Property Taxes
The median property tax rate in Stoneham, ME is 0.88%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Stoneham at $135,858, the typical annual property tax bill is around $1,200, well below the national median of $2,690. Property taxes in Stoneham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Stoneham'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 Stoneham 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
Stoneham, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,196
Ownwell’s Stoneham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stoneham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stoneham 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 Stoneham, Maine
Property taxes in Stoneham, Maine, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Stoneham is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Stoneham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stoneham 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 Stoneham's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04231 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Stoneham 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 Stoneham Tax Rate
0.88%
Average Oxford County Tax Rate
1.50%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stoneham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04231 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Stoneham, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stoneham, Maine. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Stoneham, 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. For example, Stoneham's median home price is $135,858, with tax bills ranging from $902 at the 25th percentile to $3,096 at the 90th percentile. The highest and lowest median tax bills are both $1,200, located in the 04231 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stoneham Assessed Value
$135,858
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 Stoneham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04231 | $70,257 | $102,134 | $135,858 | $210,417 | $350,650 |
Source: Ownwell
Property Tax Bills Across Stoneham, Maine
In Stoneham, ME, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Stoneham is $135,858, and the property tax rate is derived from the assessed value of the property. Homeowners in Stoneham can expect tax bills to vary significantly based on their property's assessed value. For example, tax bills in the 25th percentile are around $902, while those in the 75th percentile reach approximately $1,858. High-value properties see even steeper bills, with the 90th percentile tax bill climbing to $3,096. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for evaluating local tax rates. Factors such as property improvements, neighborhood developments, and changes in the local economy can influence assessed values and, consequently, tax bills. For homeowners, understanding these dynamics is crucial for financial planning and anticipating future tax obligations.
Average Stoneham Tax Bill
$1,200
Average Oxford County Tax Bill
$2,200
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Stoneham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04231 | $620 | $902 | $1,200 | $1,858 | $3,096 |
Source: Ownwell