Saco, Maine Property Taxes
The median property tax rate in Saco, ME is 1.83%, considerably higher than both the national median of 0.99% and the Maine state median of 1.57%. With the median home value in Saco, the typical annual property tax bill reaches $5,010, exceeding the national median of $2,690. Property taxes in Saco 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 Saco'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 Saco 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
Saco, Maine Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,140
Ownwell’s Saco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saco 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 Saco, Maine
Property taxes in Saco, Maine, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saco is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Saco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saco 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 Saco's effective property tax rate to other areas in Maine and the national median. For comparison, the zip code 04072 has the highest median property tax rate of 1.83%, while the same zip code also has the lowest median tax rate of 1.83%. Understanding how these areas compare with Saco 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 Saco Tax Rate
1.83%
Average York County Tax Rate
1.32%
Average Maine Tax Rate
1.57%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04072 | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Saco, Maine
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Saco, Maine. 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 Saco, 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. Saco’s median home price is $273,300, with the 25th percentile tax bill at $3,781 and the 75th percentile at $6,615. The highest and lowest median tax bills both come from zip code 04072, standing at $5,010. Being aware of these valuation processes in Saco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Saco Assessed Value
$273,300
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 Saco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04072 | $151,300 | $206,300 | $273,300 | $360,900 | $459,340 |
Source: Ownwell
Property Tax Bills Across Saco, Maine
In Saco, located in York County, ME, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Saco can expect varying tax bills depending on these factors. For instance, the median home price in Saco is $273,300, with tax bills ranging significantly across different percentiles. At the 25th percentile, tax bills are around $3,781, while at the 75th percentile, they can reach up to $6,615. The 90th percentile sees tax bills as high as $8,420. Comparatively, the national median property tax rate is 0.99%, making Saco's property taxes relatively high. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting their financial planning and long-term investments.
Average Saco Tax Bill
$5,010
Average York County Tax Bill
$3,841
Average Maine Tax Bill
$3,200
Average United States Tax Bill
$2,690
Property Tax Bills Across Saco, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04072 | $2,776 | $3,781 | $5,010 | $6,615 | $8,420 |
Source: Ownwell