04108 Property Tax Rate

Property owners in ZIP code 04108 (Peaks Island, Maine) pay a median of $6,907/year in property taxes on homes valued at $488,400. This translates to an effective tax rate of 1.41%, which is 36% above the Maine state average of 1.04%.

The monthly property tax burden for a median-valued home in 04108 is approximately $576, which factors into escrow payments on mortgages. This ZIP code is located within Cumberland County. This is $4,353 more than the Maine average of $2,554/year.

Compared to similar ZIP codes in Maine, 04108 has higher property taxes. ZIP codes with similar effective rates include 04975 (1.41%) and 04226 (1.41%).

In Peaks Island, property taxes represent approximately 8.2% of the median household income of $84,120, providing context for the relative tax burden on homeowners in this area.

Maine has no statewide property tax cap; Cumberland County reassesses at market value, and your tax obligation will be based on your purchase price. File for the Maine Homestead Property Tax Exemption ($7,500 off assessed value for primary residences) with the Cumberland County Assessor's office before April 1 of the year following your purchase; this is Maine's primary tax relief for homebuyers. Request your property's assessment card and revaluation schedule to understand future tax changes, and note that Cumberland County's low effective rate of 0.51% reflects both lower mill rates and exemption benefits.