How Much Will My Taxes Increase if the Cape Elizabeth School Bond is Approved?
At a recent Town Council meeting, the Interim Town Manager presented a report detailing the estimated tax impact of the school bond referendum for each household.
We believe this report is invaluable for understanding the personal impact of the school bond and feel everyone should have the opportunity to review their situation.
You can find this report under Agenda Item #4: Town Council Reports and Correspondence in the Meeting Agenda for September 9, 2024.
Click here to download the report and see your estimated tax increase.
If the “middle ground” bond is approved, when do we start paying for it?
If the bond is approved at the ballot box in November 2024, payments will begin in FY 2027. Your taxes due to this bond will be incrementally increased over 3 years, totaling 12.2%. (Source: Tax Impact Document)
October 2026: +2.0%
October 2027: +6.1%
October 2028: +4.1%
2029 and Beyond: +0%
Table: Estimated Increases Based on Current (Post-Revaluation) Property Values
| New Property Valuation | 2026 Incremental | 2027 Increase | 2028 Increase | 2029 & Beyond |
Total Estimated Increase |
|---|---|---|---|---|---|
| $500,000 | $9.13/mo. | $27.86/mo. | $18.72/mo. | $0.00/mo. | $55.71/mo. |
| $720,000 Town Median |
$13.15/mo. | $40.11/mo. | $26.96/mo. | $0.00/mo. | $80.22/mo. |
| $1,000,000 | $18.27/mo. | $55.71/mo. | $37.44/mo. | $0.00/mo. | $111.42/mo. |
| $1,500,000 | $27.40/mo. | $83.57/mo. | $56.17/mo. | $0.00/mo. | $167.13/mo. |
How does the town revaluation impact my taxes?
The town-wide revaluation reassesses property values to reflect current market conditions, ensuring a fair distribution of the tax burden based on up-to-date property values. Revaluations are “tax neutral”, because the town’s budget does not change. What changes is the allocation of payment among households. For more in-depth information on how revaluation works, visit our comprehensive blog post.
To see your property value and tax amount before the town-wide revaluation:
Go to the Tax Assessor’s Database
Type in your last name and hit ‘search’. If no results are found, try searching for your street number and name without your last name.
Scroll down to “Tax Bills” and download the 2023-2024 bill.
Your pre-revaluation property value is listed on the top right, next to “Total Value”.
Your pre-revaluation property tax amount is listed next to “Total Tax” in the same box.
To see your property value after the town-wide revaluation:
Go to the Tax Assessor’s Database
Type in your last name and hit ‘search’. If no results are found, try searching for your street number and name without your last name.
Scroll down to “Tax Bills” and download the 2024-2025 bill.
Your post-revaluation property value is listed on the top right, next to “Total Value”.
Your post-revaluation property tax amount is listed next to “Total Tax” in the same box.
Alternative way to see the difference between your taxes before and after the revaluation:
The Tax Assessor has also provided this report to view your taxes before and after. It’s important to remember that as part of this process, the previous mill rate of $22.34 has decreased to $11.00.
Tax relief options are available, but the Town Council can do more.
Below, you’ll find a list of common tax relief options that you may qualify for, but there is still more the Town Council can do to support our most vulnerable neighbors.
Homestead Exemption
The homestead exemption provides a reduction of up to $25,000 in the value of your home for property tax purposes, meaning you can save ~$275 on your next tax bill. To qualify, you must be a permanent resident of Maine, the home must be your permanent residence, you must have owned a home in Maine for the twelve months prior to applying. Learn more and apply here.
Cape Elizabeth’s Senior Tax Relief Program
Eligible applicants can save up to $1,500/year. Must be 65 years or older; Be a property owner within Cape Elizabeth for ten years or greater; Have a homestead exemption; Have a federal AGI of less than $70,000; and Have taxes greater than five percent of their gross adjusted taxable income. Learn more and apply here.
Veteran’s Exemptions
A veteran who served during a recognized war period and is 62 years or older; or, is receiving 100% disability as a Veteran; or, became 100% disabled while serving, is eligible for $6,000. Apply here.
Property Tax Fairness Credit
Eligible Maine taxpayers may receive a portion of the property tax or rent paid during the tax year on the Maine individual income tax return whether they owe Maine income tax or not. Learn more here.
State Property Tax Deferral Program
A lifeline loan program that can cover the annual property tax bills of Maine people who are ages 65 and older or are permanently disabled and who cannot afford to pay them on their own. It allows for repayment of the loan once the property is sold or becomes part of an estate. Learn more here.
Thomas Jordan Trust
The Thomas Jordan Trust is a local resource administered by the Town of Cape Elizabeth to help citizens. To apply, use the online PDF application or call 207-799-7665 during normal business hours. Learn more here.
What neighbors are saying…
