Madison, Somerset County, Maine Property Taxes

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

Median Madison, ME effective property tax rate: 1.86%, significantly higher than the national median of 1.02%, but lower than the Maine state median of 1.57%.
Median Madison, ME home value: $100,400
Median annual Madison, ME tax bill: $1,866, $534 lower than the national median property tax bill of $2,400.

How are property taxes in Somerset calculated?

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

Last Updated March 1, 2025

Madison, Somerset County, Maine Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.86%

Estimate Property Tax Bill

$1,867

$1,733

Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, our calculator applies Madison’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 Somerset. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Madison, Somerset County, Maine

Local government entities determine tax rates, which can significantly differ within a state. Each county estimates its annual budget to fund services and divides this by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the essence of the annual process. In Madison, located in Somerset County, property owners face an effective property tax rate that stands out when compared to other cities in Maine. The median property tax rate in Maine is notably higher than the national median of 1.02%. This comparison highlights the unique property tax landscape in Madison and provides valuable context for property owners. Understanding how Madison's tax rate compares to both the state and national medians can offer insights into the local government's fiscal approach and the potential impact on property owners' finances.

Property Tax Rates Across Madison, Somerset County, Maine

Source: Ownwell

0.47%

1.46%

2.44%

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 Madison Tax Rate

1.86%

Median Effective Somerset County Tax Rate

1.77%

Median Effective Maine Tax Rate

1.57%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Madison, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
04950	1.86%	1.86%	1.86%	1.86%	1.86%

Source: Ownwell

Property Tax Assessment Values Across Madison, Somerset County, Maine

When examining property taxes in Madison, 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 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. Assessment notices: 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 Madison. For example, the median home price in Madison is $100,400, with tax bills ranging significantly across the county. 04950 has the highest median home price at $100,400.

Property Tax Assessment Values Across Madison, Somerset County, Maine

Source: Ownwell

$74,500

$182,040

$289,580

Median Madison Market Value

$100,400

Median Somerset County Market Value

$105,900

Median Maine Market Value

$204,200

Median United States Market Value

$235,294

Property Tax Assessment Values Across Madison, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
04950	$51,020	$75,500	$100,400	$137,900	$183,780

Source: Ownwell

Property Tax Bills Across Madison, Somerset County, Maine

In Madison, located in Somerset County, ME, property tax bills are calculated based on the assessed value of a home, which is determined by local authorities. This value is influenced by factors such as the property's location, size, and market conditions. The tax rate is then applied to this assessed value, resulting in the tax bill. Madison's median property tax bill is $1,866, which is below the national median of $2,400, offering some relief to homeowners. However, tax bills can vary significantly, with the 25th percentile at $1,404 and the 90th percentile reaching $3,417, reflecting disparities based on property characteristics and assessments. Homeowners in Madison can benefit from Ownwell's expertise in property tax appeals and exemptions. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners potentially lower their tax bills. This service ensures that homeowners are not overpaying and can achieve a fair tax assessment, leading to significant savings over time.

Property Tax Bills Across Madison, Somerset County, Maine

Source: Ownwell

$420

$1,359

$2,297

Median Madison Tax Bill

$1,866

Median Somerset County Tax Bill

$1,837

Median Maine Tax Bill

$3,200

Median United States Tax Bill

$2,400

Property Tax Bills Across Madison, Somerset County, Maine

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
04950	$948	$1,404	$1,866	$2,564	$3,417

Source: Ownwell