Maine, New York Property Taxes
The median property tax rate in Maine, NY is 3.62%, significantly higher than both the national median of 0.99% and New York's state median of 2.39%. With the median home value in Maine, the typical annual property tax bill reaches $4,100, surpassing the national median of $2,690. Property taxes in Maine 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 Maine'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 Maine 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
Maine, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.62%
Estimate Property Tax Bill
$4,354
$4,040
Ownwell’s Maine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maine 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 Maine, New York
Property taxes in Maine, New York, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maine is 3.62%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Maine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maine 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 Maine's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13802 has the highest median property tax rate of 3.62%, while the same zip code also has the lowest median tax rate of 3.62%. Understanding how these cities compare with Maine provides valuable insights into the varying tax landscape across Broome County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maine Tax Rate
3.62%
Average Broome County Tax Rate
3.50%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13802 | 2.70% | 3.31% | 3.62% | 3.62% | 3.62% |
Source: Ownwell
Property Tax Assessment Values Across Maine, New York
In Maine, New York, 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 Broome County Assessor 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 Maine, 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. The median home price in Broome County is $120,264, with tax bills ranging from $2,869 at the 25th percentile to $7,659 at the 90th percentile. The zip code with the highest and lowest median tax bill is 13802, both at $4,100. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maine Assessed Value
$120,264
Average Broome County Assessed Value
$113,808
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maine, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13802 | $49,651 | $85,967 | $120,264 | $170,377 | $234,623 |
Source: Ownwell
Property Tax Bills Across Maine, New York
In Maine, located in Broome County, NY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Maine is $120,264. Homeowners in the 25th percentile can expect a tax bill around $2,869, while those in the 75th percentile may see bills closer to $5,744. For the top 10% of property values, tax bills can reach up to $7,659. Several factors influence these calculations, including property size, location, and any improvements made to the home. High property taxes can significantly impact homeowners, affecting affordability and overall cost of living. Notably, the highest and lowest median tax bills in the area are both $4,100, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Maine's tax rates reflect the unique economic conditions of Broome County.
Average Maine Tax Bill
$4,100
Average Broome County Tax Bill
$4,421
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Maine, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13802 | $1,686 | $2,869 | $4,100 | $5,744 | $7,659 |
Source: Ownwell
Don't miss the deadline to file a grievance!
Dates |
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Links | |
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| Broome Assessment Review Commission | |
| Website | gis.broomecountyny.gov |