Topsfield, Maine Property Taxes
The median property tax rate in Topsfield, ME is 0.85%, which is notably lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $66,630 in Topsfield, the typical annual property tax bill amounts to $566, significantly below the national median of $2,690. Property taxes in Topsfield are determined based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Topsfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial yearly savings. Whether you're residing in Topsfield or investing in the local real estate market, a clear grasp of the local property tax structure will be advantageous for homeowners and investors alike.
Last Updated June 14, 2024
Topsfield, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$566
Ownwell’s Topsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topsfield 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 Topsfield, Maine
Property taxes in Topsfield, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Topsfield is 0.85%, which is below the U.S. national median of 0.99%. Local government entities within Topsfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Topsfield 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 Topsfield's effective property tax rate to other counties in Maine and the national median. For comparison, the zip code 04490 has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Topsfield provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Topsfield Tax Rate
0.85%
Average Washington County Tax Rate
1.70%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topsfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04490 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Topsfield, Maine
In Topsfield, 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 Washington 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 Topsfield, 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 Topsfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $566.00, found in zip code 04490.
Average Topsfield Assessed Value
$66,630
Average Washington County Assessed Value
$97,800
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Topsfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04490 | $43,483 | $53,885 | $66,630 | $82,980 | $88,193 |
Source: Ownwell
Property Tax Bills Across Topsfield, Maine
In Topsfield, Washington County, ME, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors, including the property's size, condition, location, and market trends. This value is then multiplied by the local property tax rate to determine the tax bill. For homeowners in Topsfield, the median home price is $66,630. The tax bills can vary significantly, with the 25th percentile tax bill at $458 and the 75th percentile at $705. At the 90th percentile, homeowners can expect a tax bill around $750. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Topsfield's tax rates may seem more manageable, but they still represent a significant expense for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Topsfield Tax Bill
$566
Average Washington County Tax Bill
$1,700
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Topsfield, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04490 | $370 | $458 | $566 | $705 | $750 |
Source: Ownwell