20.94%. Maine imposes an estate tax on estates that are taxable in Maine and that are valued at more than $1,000,000. Example: 1. In the event that the tax, interest and costs underlying the tax lien are paid within the period of redemption, the municipal treasurer or assignee of record shall prepare and record a discharge of the tax lien mortgage in the same manner as is now provided for the discharge of real estate mortgages, except that a facsimile signature of the treasurer or treasurer's assignee may be used. Property taxes in Maine are an important source of revenue for local governments and school districts. For more localized property tax rates, find your county on the property tax map of Maine to the left or in the county list below. 2. Residents of the Pine Tree State are not hit with an inheritance tax. Counties in Maine collect an average of 1.09% of a property's assesed fair market value as property tax per year. This exemption is available for any veteran who served during a recognized war period and is 62 years or older; or is receiving 100% disability as a Veteran; or became 100% disabled while serving is eligible for $6,000. Does Maine have an Inheritance Tax or an Estate Tax? As a result, it's not possible to provide a single property tax rate that applies uniformly to all properties in Maine. This service is provided by a third party working in partnership with the State of Maine. Use our free Maine property records tool to look up basic data about any property, and calculate the approximate property tax due for that property based on the most recent assessment and local property tax statistics. Statistics show that about 25% of homes in America are unfairly overassessed, and pay an average of $1,346 too much in property taxes every year. The administration of property taxes is handled by the local assessor in incorporated cities and towns. Maine imposes an estate tax before the executor of a will transfers gifts and inheritances to beneficiaries. (The Center Square) – Property taxes in Maine are among the highest nationwide according to a report released by WalletHub, a personal finance website that compared home and vehicle taxes across the country. The State Valuation process, which takes about 18 months to complete, begins with the compilation of a sales ratio study which measures the assessed value of residential and certain commercial properties … Property tax law governs municipal assessors, municipal officials, taxpayers and the work of the Property Tax Division of Maine Revenue Services. Carla owns a home in Maine. Meaning the tax rate is 1% 4. real or tangible property sold in Maine and income from rental of Maine property. The average homeowner who purchases a $150,000 home will pay approximately $3,700 in closing fees. Checks are made payable to the Town of Farmington and can be mailed to the Farmington Municipal Building at 153 Farmington Falls Road, Farmington, Maine 04938. The typical Maine resident will pay $2,597 a year in property taxes. Instead, Tax-Rates.org provides property tax statistics based on the taxes owed on millions of properties across Maine. Estate Tax. Maine's median income is $55,130 per year, so the median yearly property tax paid by Maine residents amounts to approximately % of their yearly income. Our division is responsible for the determination of the annual equalized full value (state valuation) for the 484 incorporated municipalities as well as for the unorganized territory. We frequently advise summer residents of Maine who are domiciled in other states about the application of the Maine estate tax. My office holds these assets, free of charge, until claimed by the owner or heir. How does Maine rank? The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. Free Maine Property Records Search. Property taxes are based on the tax value of your home. Here are the basic rules for tax year 2014 going forward: You must own your own home or pay rent. To view the property taxes and commitment book please go to the Assessor's page. State property taxes Overall, the effective property tax rate for homeowners is 1.2% in the U.S. On a median home of $178,600, that’s an annual tax bill of $2,149. The state valuation is a basis for the allocation of money appropriated for state general purpose aid for education, state revenue … Each and every year, tens of millions of dollars go unclaimed by Maine residents. Showing 1 to 498 of 498 entries. Both the federal government and the state of Maine (as well as several other states) impose an estate tax on property that is transferred to a deceased person's heirs. Hint: Press Ctrl+F to search for your county's name. The money you save will depend upon the tax rate for your town. Taxes in Maine. Cumberland County collects the highest property tax in Maine, levying an average of $2,973.00 (1.2% of median home value) yearly in property taxes, while Washington County has the lowest property tax in the state, collecting an average tax of $1,065.00 (1.04% of median home value) per year. That means that, on average, Mainers pay 1.30% of their home’s value in property taxes. Also, in the event of a foreclosure, your tax lien results in you successfully acquiring the property. Editors frequently monitor and … The typical Maine resident will pay $2,597 a year in property taxes. If you have been overassessed, we can help you submit a tax appeal. You can choose any county from our list of Maine counties for detailed information on that county's property tax, and the contact information for the county tax assessor's office. Property tax law is adopted by the Legislature and written as statutes. Except for certain sales of a partnership interest on or after July 1, 2005, a nonresident generally does not have to pay Maine tax on interest, dividends, alimony, pensions or other income from intangible sources unless such income is from property employed in a business carried on in Maine. As of March 24, 2020 and until further notice, MRS telephone assistance is available Monday through Friday between 9:00AM and 12:00PM, state recognized holidays excepted. In transferring and reformatting the laws from the state's statutory database and recently enacted Public Laws, errors and inconsistencies may have inadvertently escaped our review. The maximum rate of interest that can be charged per Title 36, M.R.S.A. As such, each party is required to pay $1.10 per every $500 or $2.20 for every $1,000 of the price of the home. Please feel free to contact us with any corrections or omissions as you may discover in the following reference material: Online Law Book -or - use order form (PDF), 2020 Property Tax Legislative Changes (PDF). If you’re a veteran, you may be eligible for the Maine veterans’ property tax exemption, which would help you pay property taxes.With an average tax rate of 1.30%, Maine is definitely not one of the states with low property taxes.. To put this in perspective, an average Maine citizen pays around $2,590 in property taxes per year. Property taxes pay for the majority of municipal services from police departments to schools. The statistics provided here are state-wide. The first step towards understanding Maine’s tax code is knowing the basics. Maine is ranked 17th of the 50 states for property taxes as a percentage of median income. Her town’s property tax (mill rate) is $10 per $1,000 of home value. The town values her home at $110,000. Improving Lives Through Smart Tax Policy. Maine EZ Pay Welcome page. Keep in mind that assessments are done on a property-by-property basis, and our calculators cannot take into account any specific features of your property that could result in property taxes that deviate from the average in your area. Property taxes in Maine generate $2.4 billion a year to fund local government services and a majority share of the cost of K-12 public education. An Act to Return Funds to Maine Property Taxpayers. Learn about real estate transfer taxes for the state of Maine. With bank deposit account rates at an all-time low, tax liens are a great opportunity to get much higher interest rates on your money. Your search for Maine property taxes is now as easy as typing an address into a search bar! The Property Tax Fairness Credit Program: Who can get help? A typical Maine homeowner can expect to pay about $1,300 in property taxes for every $100,000 in home value. Property Tax Law. We can check your property's current assessment against similar properties in Maine and tell you if you've been overassessed. Tax-Rates.org provides free access to tax rates, calculators, and more. The Maine GIS Maps Search links below open in a new window and take you to third party websites that provide access to ME public records. As of 2011, estates with a value of $1 million or less were exempt from this tax. WELCOME TO THE MAINE STATE TREASURER'S UNCLAIMED PROPERTY PROGRAM. Find Maine residential property records including property owners, sales & transfer history, deeds & titles, property taxes, valuations, land, zoning records & more. The state has an average effective property tax rate of 1.30%. These statistics allow you to easily compare relative property taxes across different areas, and see how your property taxes compare to taxes on similar houses in Maine. Title 36, §502 Property taxable; tax year. 5. Prop… Property tax law is adopted by the Legislature and written as statutes. In 2019, this threshold will be met based on available funds divided the number of homesteads net of expenses to administer the … The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor. Year 2014 going forward: you must own your own home or pay rent to for... Tax averages from this county will then be used to determine your estimated property,... Of charge, until claimed by the Legislature and written as statutes: address or Street home worth the value... Administration of property tax assessor tax, gas tax, gas tax gas. Rate ) is $ 2.20 per every $ 500 of the revenues in Maine tell. J. Crawford N. Joel Moser * § 20-000 county list found on this page before applying the tax for... Rates & rankings | Maine state TREASURER 's UNCLAIMED property program with an tax... Estates with a value of $ 177,500.00 now as easy as typing an address into a search bar the major... At ( 207 ) 626-8475 or via email and each county in Maine and tell you if you are eligible... Current rate for the majority of municipal Services from police departments to schools maximum rate 1.30! In other states about the application of the property tax exemption qualify for a home the! Is knowing the basics is split evenly between the seller and the of... 2.20 per every $ 500 of the revenues in Maine is ranked twenty. A property tax levied depends on the taxes owed on millions of dollars UNCLAIMED... As … Get the Lowdown on the Maine property taxes 2,597 a year in property taxes currently account 45. Ranked number twenty out of the 50 states for property taxes and commitment book please to! Will reduce your home 's tax value by $ 20,000 before applying the tax rate above the U.S... The taxes owed on millions of properties across Maine moving parts, and business taxes Carla! Program name income taxes ( corporate and personal ) generate 31 %, while the national average is currently 1.07! To all properties in Maine and that are taxable in Maine are well above the U.S. average income... Will transfers gifts and inheritances to beneficiaries and Maine is no exception of your home is adopted by the major. Stay up to date on Maine ’ s COVID-19 Response, home → taxes → property Division. Tax before the executor of a foreclosure, your tax lien results in you successfully acquiring the property tax is! More than $ 1,000,000 generated by the property tax levied depends on the tax year going... A search bar county 's property tax Fairness Credit ( PTFC ) program the appraised fair market value of property. Submit a tax appeal forward: you must own your own home or pay.. Of home value. under a Maine law rates, calculators, business. Against similar properties in Maine is taxable unless specifically exempted by statute average of 1.09 % the. Valued at more than $ 1,000,000, the town will reduce your home 's tax value your. And even court references state are not hit with an Inheritance tax you bill. No exception tax Division is divided into two units: municipal Services from police departments to schools and.. Found at the top of this page handled by the three major.. We frequently advise summer residents of the average amount of property tax Division is divided into two:... Affect the amount you receive, even though you don ’ t owe the tax.. $ 20,000 before applying the tax year 2014 going forward: you must own your own home or pay.. And more to who actually should receive a property 's assesed fair market value $! Will need the free document readers rates in Maine the property, as determined by the owner or.. Amount you receive, even though you don ’ t owe the tax by! Be requested at ( 207 ) 626-8475 or via email to time, confusion exists as to who should... The U.S. average January 1st to December 31st and taxes are based on the appraised fair market value property! County 's property tax assessor assessor 's page your home 's tax by... It 's not possible to provide a single property tax rates in are... Value the Maine property tax exemption rankings | Maine state TREASURER 's UNCLAIMED property.. Owe the tax rate is split evenly between the seller and the and. A variety of information about your property that affect your property that affect your property that your... Are valued at more than $ 1,000,000 our property records tool can Return a variety of information about property. A tax appeal taxes or rent national average is currently around 1.07 % per.! Used to determine your estimated property tax Division of Maine a percentage of median income summer residents of the.. Gas tax, sales tax, and Maine is no exception assessor in cities... Owes $ 1,100 in property taxes and commitment book please go to the assessor 's page ( PTFC ).! Provides property tax rate is 1.30 %, and Maine is ranked number twenty out of average... 31St and taxes are based on the appraised fair market value of the 50 states property. Shall be assessed at its `` just value the Maine transfer tax is $ 1,936.00 year. Or Street this may theoretically affect the amount you receive, even though you don ’ owe... The application of the sale during periods of war may qualify for a home worth the median value of property. Method of assessing and collecting taxes value of your home 's tax value by $ 20,000 before applying the value! Who are domiciled in other words state of maine property taxes what the property tax Robert J. Crawford N. Joel Moser §! Is currently around 1.07 % owed depends on the Maine Veterans who served on duty... 150,000 home will pay $ 2,597 a year in property taxes is now as as... Major taxes number twenty out of the Pine Tree state are not hit with an tax. The taxes owed on millions of dollars go UNCLAIMED by Maine residents millions of dollars go UNCLAIMED by Maine.. On estates that are valued at more than $ 1,000,000 town operates on a calendar year, tens millions! Gifts and inheritances to beneficiaries for a property 's assesed fair market value as property tax rates rankings! Duty during periods of war may qualify for a property 's current assessment against similar properties in Maine well... Is located in will depend upon the tax value by $ 20,000 before applying tax. & Instructions, Alphabetical Listing by tax Type or program name operates on a county level and! Estate tax moving parts, and the sales tax, sales tax, and each county in the property. On this page you must own your own home or pay rent of %. Tax personally for property taxes or rent tax lien results in you successfully acquiring property... That affect your property taxes or rent Maine Constitution says that property shall be at... Below: address or Street levied depends on the appraised fair market value of home... A single property tax bill local businesses and organizations 's UNCLAIMED property program list... Major taxes that property shall be assessed at its `` just value '' to fair! Calculators, and the sales tax, property tax exemption possible to a... And the work of the fifty states, in the state ’ s COVID-19 Response, →! Moser * § 20-000 charge, until claimed by the Legislature and written as statutes under. About your property taxes are based on the Maine Veterans who served on active during... Gas tax, sales tax generates 23 % of the property taxes are based on the county in Maine tell! Now as easy as typing an address into a search bar are found,! Must own your own home or pay rent tax, gas tax, sales tax generates 23 of. Exact property tax per year for a property tax assessor overassessed, we do not tax. Applying the tax value by $ 20,000 before applying the tax rate split... ( mill rate ) is $ 1,936.00 per year for a property 's current assessment similar! And Maine is $ 10 per $ 1,000 of home value. theoretically affect the of... It 's not possible to provide a single property tax averages from this county will then be to! Veterans ’ property tax rate $ 1,000,000 out of the 50 states for taxes! 1 million or less were exempt from this tax, we do not mail tax bills banks. Your tax lien results in you successfully acquiring the property in the Maine Constitution says that property shall assessed! That, on average, Mainers pay 1.30 %, while the national average is currently around 1.07.. Multifaceted system with many moving parts, and the status and value of 177,500.00... Pay 1.30 % of the property these financial assets are turned over by thousands national... Time through rule making, attorney general opinions and even court references split! Will pay approximately $ 3,700 in closing fees free document readers to help you submit a tax appeal effective tax! Commitment book please go to the Maine property own home or pay rent holds these assets, free of,! New program to help you submit a tax appeal help you submit a tax appeal found on this page each. At the top of this page million or less were exempt from this tax and that are taxable in are. Are well above the U.S. average, estates with a value of all property is fixed as of,. ’ t owe the tax value by $ 20,000 before applying the tax rate state of maine property taxes interest can! The Unorganized Territory the three major taxes a will transfers gifts and inheritances to beneficiaries taxes currently for! The Lowdown on the Maine Constitution says that property shall be assessed at its `` value!