Smithfield, Maine Property Taxes
The median property tax rate in Smithfield, ME is 1.68%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Smithfield, the typical annual property tax bill reaches $2,012, exceeding the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield 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
Smithfield, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$2,013
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Maine
Property taxes in Smithfield, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.68%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Maine and the national median. For comparison, the 04978 zip code has the highest median property tax rate of 1.68%, while the same 04978 zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Smithfield 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 Smithfield Tax Rate
1.68%
Average Somerset County Tax Rate
1.77%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04978 | 1.68% | 1.68% | 1.68% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Maine
In Smithfield, 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 Smithfield, 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. Smithfield's median home price is $119,800, with tax bills ranging from $1,428 at the 25th percentile to $4,252 at the 90th percentile. The highest and lowest median tax bills, both at $2,012, are found in the 04978 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithfield Assessed Value
$119,800
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 Smithfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04978 | $42,100 | $84,975 | $119,800 | $175,525 | $253,050 |
Source: Ownwell
Property Tax Bills Across Smithfield, Maine
In Smithfield, Somerset County, ME, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to that value. The median home price in Smithfield is $119,800. Factors that influence the tax bill include the assessed value of the property, any applicable exemptions or deductions, and the local tax rate. For example, a homeowner with a property valued at the median home price can expect a tax bill that varies significantly depending on the assessed value and any applicable exemptions. Property tax bills in Smithfield show a wide range, with the 25th percentile tax bill at $1,428 and the 75th percentile tax bill at $2,948. At the 90th percentile, tax bills can reach as high as $4,252. The highest and lowest median tax bills in the area are both $2,012, indicating a relatively consistent rate across different properties. These taxes are essential for funding local services but can also place a financial burden on homeowners, especially those with higher-valued properties.
Average Smithfield Tax Bill
$2,012
Average Somerset County Tax Bill
$1,837
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04978 | $707 | $1,428 | $2,012 | $2,948 | $4,252 |
Source: Ownwell