Topsham, Maine Property Taxes
The median property tax rate in Topsham, ME is 1.36%, which is considerably higher than the national median of 0.99% but lower than the Maine state median of 1.57%. With the median home value in Topsham at $333,550, the typical annual property tax bill reaches $4,541, significantly exceeding the national median of $2,690. Property taxes in Topsham 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 Topsham'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 Topsham 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
Topsham, 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 Topsham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topsham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topsham 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 Topsham, Maine
Property taxes in Topsham, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Topsham is 1.36%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Topsham set these rates annually, and they can vary across different neighborhoods. Each year, Topsham 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 Topsham's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04086 in Topsham has both the highest and lowest median property tax rate at 1.36%. Understanding how these figures compare with Topsham provides valuable insights into the varying tax landscape across Sagadahoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Topsham Tax Rate
1.36%
Average Sagadahoc County Tax Rate
1.54%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topsham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04086 | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Topsham, Maine
In Topsham, 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 Topsham, 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 Topsham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in the 04086 zip code, standing at $4,541.
Average Topsham Assessed Value
$333,550
Average Sagadahoc County Assessed Value
$236,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Topsham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04086 | $110,900 | $261,725 | $333,550 | $422,575 | $557,250 |
Source: Ownwell
Property Tax Bills Across Topsham, Maine
In Topsham, Sagadahoc County, ME, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically updated to reflect changes in the real estate market. Factors such as location, property size, and improvements can influence this assessed value. Homeowners in Topsham typically see a range of property tax bills. For instance, the tax bill at the 25th percentile is $3,563, while at the 75th percentile, it rises to $5,750. At the higher end, the 90th percentile tax bill reaches $7,576. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the region's specific property values and tax rates. The property tax bill significantly impacts homeowners by contributing to local government revenue, which funds public services like schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Topsham Tax Bill
$4,541
Average Sagadahoc County Tax Bill
$3,525
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Topsham, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04086 | $1,563 | $3,563 | $4,541 | $5,750 | $7,576 |
Source: Ownwell