04950 Property Tax Rate

Property owners in ZIP code 04950 (Madison, Maine) pay a median of $1,954/year in property taxes on homes valued at $154,300. This translates to an effective tax rate of 1.27%, which is 22% above the Maine state average of 1.04%.

The monthly property tax burden for a median-valued home in 04950 is approximately $163, which factors into escrow payments on mortgages. This ZIP code is located within Somerset County. This is $600 less than the Maine average of $2,554/year.

Compared to similar ZIP codes in Maine, 04950 has higher property taxes. ZIP codes with similar effective rates include 04911 (1.27%) and 04424 (1.27%).

In Madison, property taxes represent approximately 4.0% of the median household income of $48,750, providing context for the relative tax burden on homeowners in this area.

Maine has no statewide property tax cap — your assessment resets to market value at purchase, and the Somerset County Assessor will establish a new base for annual increases. The Maine Homestead Property Tax Exemption exempts $25,000 of assessed value from state and local property taxes; file with the Somerset County Assessor's office by April 1 of the year following purchase. Contact the Somerset County Assessor immediately after closing to confirm your filing deadline and receive your Notice of Valuation.