Freedom, Maine Property Taxes
The median property tax rate in Freedom, ME is 1.94%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Freedom, the typical annual property tax bill reaches $2,590, slightly below the national median of $2,690. Property taxes in Freedom 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 Freedom'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 Freedom 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
Freedom, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$2,503
Ownwell’s Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freedom 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 Freedom, Maine
Property taxes in Freedom, Maine, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 1.94%, significantly higher than both the Maine state median and the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freedom 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 Freedom's effective property tax rate to other counties in Maine and the national median. For comparison, the 04941 zip code has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Freedom provides valuable insights into the varying tax landscape across Waldo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freedom Tax Rate
1.94%
Average Waldo County Tax Rate
1.74%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freedom, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | 1.94% | 1.94% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Freedom, Maine
In Freedom, 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 Freedom, 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 Freedom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Freedom is $129,024, with tax bills ranging from $1,747 at the 25th percentile to $4,787 at the 90th percentile. The highest and lowest median tax bill in the area is $2,590 in the 04941 zip code.
Average Freedom Assessed Value
$129,024
Average Waldo County Assessed Value
$154,000
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freedom, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | $54,307 | $87,016 | $129,024 | $177,848 | $244,163 |
Source: Ownwell
Property Tax Bills Across Freedom, Maine
In Freedom, located in Waldo County, ME, property tax bills are determined through a combination of assessed property values and the local tax rate. The median home price in Freedom is $129,024, and the tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax amount. For homeowners, this means that any enhancements or changes to their property can lead to a reassessment and potentially higher taxes. In Freedom, the 25th percentile tax bill is $1,747, while the 75th percentile reaches $3,470, and the 90th percentile can go up to $4,787. These figures highlight the variability in tax bills depending on property assessments. Despite the national median property tax rate of 0.99%, the specific rates and property values in Freedom result in a range of tax obligations, impacting homeowners differently based on their individual property characteristics.
Average Freedom Tax Bill
$2,590
Average Waldo County Tax Bill
$2,632
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Freedom, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04941 | $1,170 | $1,747 | $2,590 | $3,470 | $4,787 |
Source: Ownwell