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6 hours ago

Portland property tax rate drops for FY26, but home values up 43%

By Tina Fischer

The recent revaluation for the city of Portland significantly lowers the mil rate for FY26, but as property values have increased many homeowners are likely to see an increase in property taxes.

Median residential property values are jumping up to $566,600, from $396,700, an increase of 43%.

Property tax assessments are based on a mil rate for FY26 of $11.98, a drop over FY25’s rate of $15.01 per $1,000 of assessed value.

Commercial property assessments are increasing an average of 19%, while exempt property assessments increased an average of 24%.

The total taxable value of real estate in Maine’s largest city is now $19.7 billion, an increase of roughly $4.9 billion. 

Residential properties will contribute over $12 billion in total value, while commercial properties will contribute $7.5 billion. There are 19,400 residential properties in Portland and 1,920 commercial properties.

Taxable property

Total tax-exempt real estate value has risen to over $3.93 billion, for a total value of real estate of approximately $23.7 billion. 

"This revaluation brings assessed values in line with the current market, as required by state law," said City Assessor Elisa Marr. 

The last revaluation for Portland was in 2021, when the City Council voted to reassess property values every five years.

Revaluations do not generate additional revenue for the city, but redistribute the tax burden for property owners based on current assessed values.

Homeowners will receive property tax bills by mail in mid-September. The first half of payments are due Oct. 17, while the second half is due on March 20, 2026. Property tax bills can be viewed and paid online.
 

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