Jackman, Somerset County, Maine Property Taxes
The median property tax rate in Jackman, ME is 1.93%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Jackman at $99,900, the typical annual property tax bill reaches $1,901, exceeding the national median of $2,690. Property taxes in Jackman 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 Jackman'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 Jackman 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
Jackman, Somerset County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$1,928
$1,789
Ownwell’s Jackman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jackman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jackman 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 Jackman, Somerset County, Maine
Property taxes in Jackman, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jackman is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jackman set these rates annually, and they can vary across different neighborhoods. Each year, Jackman 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 Jackman's effective property tax rate to other areas in Somerset County and the national median. For comparison, the zip code 04945 has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these values compare with Jackman provides valuable insights into the varying tax landscape across Somerset County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jackman Tax Rate
1.93%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jackman, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Jackman, Somerset County, Maine
In JACKMAN, 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 Somerset 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 JACKMAN, 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 JACKMAN 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 04945, both valued at $1,901.
Property Tax Assessment Values Across Jackman, Somerset County, Maine
Source: Ownwell
$74,500
$182,040
$289,580
Average Jackman Assessed Value
$99,900
Average Somerset County Assessed Value
$105,900
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jackman, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | $38,060 | $63,700 | $99,900 | $147,900 | $229,180 |
Source: Ownwell
Property Tax Bills Across Jackman, Somerset County, Maine
In Jackman, Somerset County, ME, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor’s office and reflects the market value of the property. The tax rate, often expressed as a mill rate, is applied to the assessed value to calculate the tax bill. Homeowners in Jackman can expect a wide range of property tax bills. For example, the 25th percentile tax bill is $1,201, while the 75th percentile tax bill is $2,768, and the 90th percentile tax bill reaches $4,186. This variation is influenced by factors such as property size, location, and market conditions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. High property taxes can significantly impact homeowners, affecting affordability and long-term financial planning. In Jackman, the highest and lowest median tax bills are both $1,901, providing a unique insight into the local tax landscape.
Average Jackman Tax Bill
$1,901
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Jackman, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04945 | $720 | $1,201 | $1,901 | $2,768 | $4,186 |
Source: Ownwell