Fast Facts and Statistics
The Town of Kennebunk has a land area of approximately 36 square miles and consists of 6,916 real estate parcels and 916 active personal property accounts, which includes campers located in our two campgrounds. Kennebunk's real estate total valuation, as of 4/1/2019, is 3,028,771,900. The break down by property type is as follows:
Residential - 6104 parcels (88.26%), $2,414,608,200 valuation (79.72%)
Mixed Use - 58 parcels (.84%), $37,358,700 valuation (1.23%)
Commercial - 427 parcels (5.34%), $267,012,800 valuation (8.82%)
Industrial - 40 parcels (.58%), $100,764,800 valuation (3.33%)
Special (Tree Growth, Farmland etc.) 21 parcels (.30%), $471,400 valuation (.02%)
Open Space - 56 parcels (.81%), $720,700 valuation (.02%)
Exempt Property - 268 parcels (3.88%), %207,835,300 valuation (6.86%)
The total taxable valuation (which is used to calculate the tax rate) is comprised of $2,772,578,200 in real estate valuation and $43,938,700 in personal property valuation, for a total taxable valuation of $2,816,516,900 . Exempt property accounts for 268 parcels with a value of $207,835,300, and individual exemptions (Homestead, Veterans, Blind etc.) totaling $48,304,400 in valuation.
The 2020 State Valuation, used by the State of Maine to determine equalized taxable valuation for revenue sharing purposes, school funding etc., determined Kennebunk's State Valuation to be $2,694,150,000 for the 4/1/2018 assessment date. This was determined by analyzing sales from 2017-2018, as is mandated by the Rules of Procedures Used to Develop State Valuation (In other words, sales data lags two years behind the year in which the State Valuation is determined). Our 2019 State Valuation ranks 8th in the State behind Portland, York, Scarborough, South Portland, Wells, Bangor, and Falmouth.
Tax Rate and Assessment Measures
Kennebunk's current tax rate is $13.75 per thousand dollars of valuation. On an annual basis, the Assessing Division analyzes individual sales prices and compares them to the assessments to determine our level of assessment (LOA). The result of this analysis renders our declared assessment ratio, which is also used to adjust exemptions and personal property value. This information, among many other statistical analyses, determine whether changes to assessments should occur. The goal each year is to be between 90 and 110% of market value and also satisfy the equity component of property assessment by assessing like properties in a similar manner (See below).
Industry standards set the minimum rating for assessment equity (coefficient of dispersion, or COD) at 20. In the end, meeting and exceeding these industry standards leads to ensuring fair and equitable taxation. In respect to those two measures, the Town's overall average and median assessment ratios of 94%, and assessment equity (COD) of 12 for 4/1/2019, are well within State and industry standards.
Our most recent review by the Assessing Division yielded the following results (sales sample from 4/1/2018 - 3/31/2019) and a 4/1/2019 Assessment Date:
- Total Arm’s Length Sales: 208
- Overall Median Assessment to Sale Ratio: 94%
- Single Family Median Sale Ratio: 94%
- Condominium median Sale Ratio: 96%
- Coefficient of Dispersion (COD, measures assessment equity): 12
- Single Family Median Sale Price (non-water influenced): $345,000
- Single Family Average Sale Price (non-water influenced): $351,900
- Condominium Median Sale Price (all): $265,000
- Condominium Average Sale Price (all): $269,800
- Single Family Median Sale Price (water and golf course influenced): $845,000
- Single Family Mean Sale Price (water and golf course influenced): $1,021,900
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