Peaks Island, Cumberland County, Maine Property Taxes

Name: Property Tax Bills Across Peaks Island, Cumberland County, Maine
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Peaks Island, ME effective property tax rate: 1.44%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Peaks Island, ME home value: $432,000
Median annual Peaks Island, ME tax bill: $6,225, $3,825 higher than the national median property tax bill of $2,400.

How are property taxes in Cumberland calculated?

Property taxes in Peaks Island, ME are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Peaks Island’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Peaks Island, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Peaks Island, Cumberland County, Maine Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.44%

Estimate Property Tax Bill

$6,221

$5,773

Ownwell’s Peaks Island Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Peaks Island with just two data points. By entering your property's estimated assessed value, our calculator applies Peaks Island’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Cumberland County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Peaks Island, Cumberland County, Maine

Local government entities in Cumberland County, ME, set property tax rates, which can vary widely within the state. This variation occurs because each year, counties estimate their required budget to provide services and divide that by the total value of all taxable property within their jurisdiction, resulting in the property tax rate. While votes and laws influence the setting of tax rates and budgets, this is essentially the annual process. Peaks Island in Cumberland County, ME, has an effective property tax rate of 1.44%, which is above the national median of 1.02%. This rate also represents the highest and lowest median tax rate in the region, as it remains consistent across Peaks Island. When compared to the national median property tax bill of $2,400, Peaks Island's tax rate highlights the potential for higher property tax bills. Understanding these rates is crucial for property owners looking to manage their expenses effectively.

Property Tax Rates Across Peaks Island, Cumberland County, Maine

Source: Ownwell

0.59%

1.46%

2.33%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Peaks Island Tax Rate

1.44%

Median Effective Cumberland County Tax Rate

1.52%

Median Effective Maine Tax Rate

1.57%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Peaks Island, Cumberland County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
04108	1.44%	1.44%	1.44%	1.44%	1.44%

Source: Ownwell

Property Tax Assessment Values Across Peaks Island, Cumberland County, Maine

When examining property taxes in Peaks Island, Maine, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cumberland County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Cumberland County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Peaks Island.

For example, the median home price in Peaks Island is $432,000, with tax bills ranging significantly across the county. 04108 has the highest median home price at $432,000.

Property Tax Assessment Values Across Peaks Island, Cumberland County, Maine

Source: Ownwell

$153,100

$402,100

$651,100

Median Peaks Island Market Value

$432,000

Median Cumberland County Market Value

$319,900

Median Maine Market Value

$204,200

Median United States Market Value

$235,294

Property Tax Assessment Values Across Peaks Island, Cumberland County, Maine

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
04108	$279,400	$338,600	$432,000	$575,850	$755,700

Source: Ownwell

Property Tax Bills Across Peaks Island, Cumberland County, Maine

In Peaks Island, Cumberland County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is then applied to this assessed value to determine the annual tax bill. With a median home price of $432,000, Peaks Island homeowners often face tax bills that can vary significantly. For instance, the 25th percentile tax bill is $4,879, while the 75th percentile reaches $8,298, and the 90th percentile climbs to $10,890. Notably, the highest median tax bill in the area is $6,225, which is considerably higher than the national median property tax bill of $2,400. This financial burden can impact homeowners' budgets significantly. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially reduce their tax bills. By analyzing assessed values and identifying discrepancies, Ownwell can assist in appealing over-assessments, ensuring homeowners pay only their fair share, thus alleviating some of the financial pressure associated with property taxes.

Property Tax Bills Across Peaks Island, Cumberland County, Maine

Source: Ownwell

$1,920

$6,426

$10,931

Median Peaks Island Tax Bill

$6,225

Median Cumberland County Tax Bill

$4,856

Median Maine Tax Bill

$3,200

Median United States Tax Bill

$2,400

Property Tax Bills Across Peaks Island, Cumberland County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
04108	$4,026	$4,879	$6,225	$8,298	$10,890

Source: Ownwell