Cornville, Somerset County, Maine Property Taxes
Median Cornville, ME effective property tax rate: 1.45%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Cornville, ME home value: $132,280
Median annual Cornville, ME tax bill: $1,918, $482 lower than the national median property tax bill of $2,400.
How are property taxes in Somerset calculated?
Property taxes in Cornville, 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 Cornville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Cornville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Cornville, Somerset County, Maine Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.06%
Estimate Property Tax Bill
$2,033
$1,887
Property Tax Rates Across Cornville, Somerset County, Maine
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This is because each county annually estimates the budget needed to provide services and divides it by the total value of all taxable property in its jurisdiction. The result of this calculation is the property tax rate. While the process involves votes and laws to set tax rates and budgets, this is the essence of the annual procedure.
In Cornville, located in Somerset County, Maine, the effective property tax rate is a reflection of this process. Compared to other cities in Maine, Cornville's rate aligns with the state's median property tax rate of 1.45%, which is above the national median of 1.02%. This suggests that property owners in Cornville, and more broadly in Somerset County, may experience higher property tax bills than the national average, with the median property tax bill in the U.S. being $2400. Understanding these dynamics is crucial for property owners looking to manage their tax liabilities effectively.
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 Cornville Tax Rate
1.06%
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 Somerset County Tax Rate
1.64%
Median Effective Maine Tax Rate
1.47%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Cornville, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Cornville, Somerset County, Maine
When examining property taxes in Cornville, ME, 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 Somerset 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.
In Somerset County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Cornville. For example, the median home price in Cornville is $132,280, with tax bills ranging significantly across the county. Zip code 04976 has the highest median home price at $132,280.
Property Tax Assessment Values Across Cornville, Somerset County, Maine
Source: Ownwell
$80,745
$200,663
$320,580
Median Cornville Market Value
$191,790
Median Somerset County Market Value
$130,600
Median Maine Market Value
$242,800
Median United States Market Value
$235,294
Property Tax Assessment Values Across Cornville, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | $81,569 | $131,725 | $191,790 | $250,330 | $306,337 |
Source: Ownwell
Property Tax Bills Across Cornville, Somerset County, Maine
Median Cornville Tax Bill
$2,033
Median Somerset County Tax Bill
$2,049
Median Maine Tax Bill
$3,569
Median United States Tax Bill
$2,400
Property Tax Bills Across Cornville, Somerset County, Maine
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 04976 | $864 | $1,396 | $2,033 | $2,654 | $3,247 |
Source: Ownwell