Addison, Vermont Property Taxes
The median property tax rate in Addison, VT is 2.15%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Addison, the typical annual property tax bill reaches $5,083, exceeding the national median of $2,690. Property taxes in Addison are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Addison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Addison or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Addison, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$5,143
Ownwell’s Addison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Addison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Addison to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Addison, Vermont
Property taxes in Addison, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Addison is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Addison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Addison estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Addison's effective property tax rate compares to other counties in Vermont and the national median provides valuable insights into the varying tax landscape across Addison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Addison Tax Rate
2.15%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Addison, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | 2.13% | 2.14% | 2.15% | 2.16% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Addison, Vermont
In Addison, Vermont, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Addison County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Addison, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Addison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 05491, with a median tax bill of $5,083.
Average Addison Assessed Value
$239,200
Average Addison County Assessed Value
$233,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Addison, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | $48,320 | $119,900 | $239,200 | $358,500 | $430,080 |
Source: Ownwell
Property Tax Bills Across Addison, Vermont
In Addison, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's size, location, and condition are considered during the assessment process. Homeowners in Addison experience a range of property tax bills, with the 25th percentile paying around $2,548 annually and the 75th percentile paying approximately $7,618. Those in the 90th percentile face tax bills as high as $9,139. The median home price in Addison is $239,200, and the median property tax bill is notably higher than the national median property tax rate of 0.99%. This higher tax rate can significantly impact homeowners' annual expenses, making it crucial for them to understand their tax obligations and explore potential exemptions or appeals to manage their financial burden effectively.
Average Addison Tax Bill
$5,083
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Addison, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | $1,027 | $2,548 | $5,083 | $7,618 | $9,139 |
Source: Ownwell