Maine housing costs at a glance
| Maine | |
|---|---|
| Median home value (Zillow) | $422,000 |
| Average effective property tax | 0.9% |
| Typical rate for a new buyer (calculator default) | 1.1% |
| Average homeowners insurance ($300k dwelling) | $1,200 a year |
| 2026 conforming loan limit (one unit) | $832,750 |
Example: median-priced home
Maine home for $422,000, 20% down, 6.5% 30-year fixed: principal and interest $2,134 + property tax $387 + insurance $100 = about $2,621 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
Maine property tax
Maine towns set their own mill rates, and the average effective rate is about 0.9% of value, higher in Portland and Lewiston and lower in many coastal towns with high values. A primary residence owned for at least 12 months gets the homestead exemption of $25,000 off its assessed value; file with the town by April 1.
Other Maine costs
- Real estate transfer tax: $2.20 per $500 of the price (0.44%), split equally between buyer and seller.
- Insurance: about $1,200 a year, one of the lowest in the US.
- See also the Maine paycheck calculator for income tax and PFML.
Other states
See also the Maine paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the property tax rate in Maine?
About 0.9% of home value on average.
What is the monthly payment on a median-priced Maine home?
On a $422,000 home with 20% down at 6.5%, principal and interest are about $2,134; with property tax at 1.1% and average insurance the total is about $2,621 a month.
What is the Maine homestead exemption?
$25,000 off the assessed value of a primary residence you have owned for at least 12 months.
Who pays the transfer tax in Maine?
It is split equally: $1.10 per $500 from the buyer and $1.10 per $500 from the seller.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- Maine Revenue Services – property tax
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026