Medford, Maine Property Taxes
The median property tax rate in Medford, ME is 2.23%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Medford, the typical annual property tax bill reaches $1,820, exceeding the national median of $2,690. Property taxes in Medford 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 Medford'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 Medford 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
Medford, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$1,820
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, Maine
Property taxes in Medford, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 2.23%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other areas in Maine and the national median. For comparison, the 04463 zip code has the highest median property tax rate of 2.23%, while the same 04463 zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Medford provides valuable insights into the varying tax landscape across Piscataquis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
2.23%
Average Piscataquis County Tax Rate
2.00%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Maine
In Medford, 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 local 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 04463, with a median tax bill of $1,820.
Average Medford Assessed Value
$81,599
Average Piscataquis County Assessed Value
$100,500
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $38,994 | $59,316 | $81,599 | $109,786 | $148,892 |
Source: Ownwell
Property Tax Bills Across Medford, Maine
In Medford, located in Piscataquis 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 local assessor's office and reflects a percentage of the property's market value. For instance, with a median home price of $81,599, the tax bill can vary significantly. Homeowners in Medford see tax bills ranging from $1,323 at the 25th percentile to $2,448 at the 75th percentile, with the 90th percentile reaching $3,320. These variations depend on the specific assessed value of each property and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Medford's rates can result in diverse tax burdens for homeowners. These property taxes are crucial as they fund local services such as schools, public safety, and infrastructure. Therefore, understanding how these bills are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Medford Tax Bill
$1,820
Average Piscataquis County Tax Bill
$1,766
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04463 | $870 | $1,323 | $1,820 | $2,448 | $3,320 |
Source: Ownwell