Cape Neddick, Maine Property Taxes
The median property tax rate in Cape Neddick, ME, is 0.85%, which is lower than both the national median of 0.99% and the Maine state median of 1.57%. With a median home value of $531,900, the typical annual property tax bill in Cape Neddick reaches $4,548, significantly exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cape Neddick'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 Cape Neddick 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
Cape Neddick, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$4,521
Ownwell’s Cape Neddick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Neddick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Neddick 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 Cape Neddick, Maine
Property taxes in Cape Neddick, Maine, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape Neddick is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within Cape Neddick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Neddick 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 Cape Neddick’s effective property tax rate to other counties in Maine and the national median. For comparison, the 03902 zip code 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 Cape Neddick provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape Neddick Tax Rate
0.85%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Neddick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03902 | 0.85% | 0.85% | 0.85% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Cape Neddick, Maine
In Cape Neddick, 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 York 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 Cape Neddick, 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 Cape Neddick 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 $4,548, found in the 03902 zip code.
Average Cape Neddick Assessed Value
$531,900
Average York County Assessed Value
$307,400
Average Maine Assessed Value
$204,200
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape Neddick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03902 | $287,100 | $379,000 | $531,900 | $818,500 | $1,526,720 |
Source: Ownwell
Property Tax Bills Across Cape Neddick, Maine
In Cape Neddick, York 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 government and reflects the property's market value. Homeowners in Cape Neddick see a range of tax bills, with the 25th percentile at approximately $3,240 and the 75th percentile reaching up to $6,963. The 90th percentile can see tax bills as high as $13,053. The median home price in Cape Neddick is $531,900, and the property tax rate is applied to this value to determine the tax bill. This rate ensures that homeowners contribute to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Cape Neddick's tax bills are relatively high, which can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Cape Neddick Tax Bill
$4,548
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Neddick, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03902 | $2,455 | $3,240 | $4,548 | $6,963 | $13,053 |
Source: Ownwell