2024-2025 Tax Rate Set
The 2024-2025 property tax rate has been set by the Town Assessor, committed on August 21, 2024. The Town of Scarborough’s new tax rate is now set at $10.93 per $1,000 of property value for the 2025 fiscal year, which runs from July 1, 2024 to June 30, 2025. The new rate applies to the taxes due on October 15, 2024 and March 17, 2025. Fall tax bills will be sent out by the first week of September.
Although assessments have been finalized, property owners are always welcome to review their property information and reach out to our Assessing department with any questions.
About the Fiscal Year 2025 Process
The new tax rate is down $5.04 from the prior rate of $15.97. This 31.56% decrease from last year is primarily the result of the Town-wide Revaluation of all properties performed to bring assessments in alignment with current market value. The total Town-wide assessed value of all taxable real and personal property is $7,821,453,300, an increase of $2,678,870,124 over the prior year.
How the Tax Rate is Determined
The tax rate is determined by taking the total Tax Levy (combined municipal, school, and county budgets minus all revenues) and dividing it by the total Taxable Valuation. In short, Tax Levy/Taxable Valuation = Tax Rate. Part of finalizing the total taxable valuation entails the Assessing department reviewing properties each year as of April 1st, the state-mandated assessment date, for any changes prior to finalizing assessments. 2024 assessments and property details are available on our online database. Please note that because assessments are as of April 1, any changes to a property since then (including changes in ownership) will not be reflected online.
The annual tax bill for each property is calculated by multiplying the taxable value (assessed value, less exemptions) by the tax rate. For example, a home assessed at $600,000, with a $25,000 homestead exemption, would owe $6,285 in property taxes for fiscal year 2024-2025 (575,000 x 0.01093 = $6,285).
Reach Out to Us
Although assessments have been finalized, property owners are always welcome to review their property information and reach out to our Assessing department with any questions. Contact us at (207) 730-4060, email reval@scarboroughmaine.org, or visit our office on the lower level of Town Hall.
Visit the Assessing page for additional information, including the 2024-2025 Assessor’s Report to Town Council.
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