Bridport, Vermont Property Taxes
The median property tax rate in Bridport, VT is 2.26%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $202,300 in Bridport, the typical annual property tax bill reaches $4,558, far exceeding the national median of $2,690. Property taxes in Bridport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Bridport'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 Bridport or another part of Addison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bridport, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$4,572
Ownwell’s Bridport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridport 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 Bridport, Vermont
Property taxes in Bridport, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridport is 1.78%, which is notably higher than both the Vermont state median of 1.59% and the U.S. national median of 0.99%. Local government entities within Bridport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridport 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. The data below compares Bridport's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05734 has the highest median property tax rate of 1.78%, while the same zip code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Bridport 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 Bridport Tax Rate
2.26%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05734 | 2.26% | 2.26% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Bridport, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bridport, Vermont. 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 Bridport, 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. In Bridport, the median home price is $202,300, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $3,142, while the 75th percentile reaches $7,017, and the 90th percentile soars to $12,521. Interestingly, the highest and lowest median tax bills are both $4,558, found in the 05734 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bridport Assessed Value
$202,300
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 Bridport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05734 | $87,560 | $139,250 | $202,300 | $309,900 | $553,020 |
Source: Ownwell
Property Tax Bills Across Bridport, Vermont
In Bridport, located in Addison County, VT, property tax bills are determined based on the assessed value of a home, which is influenced by the local real estate market. The median home price in Bridport is $202,300. The property tax rate is applied to this assessed value to calculate the annual tax bill. Various factors such as property size, location, and condition can affect the assessed value, leading to variations in tax bills. For example, homeowners in the 25th percentile can expect a tax bill around $3,142, while those in the 75th percentile may see bills as high as $7,017. The 90th percentile tax bills can reach up to $12,521. These figures illustrate the range of property tax burdens faced by residents, significantly impacting their financial planning and homeownership costs. Comparatively, the national median property tax rate is 0.99%, making Bridport's property tax situation unique and noteworthy for its residents.
Average Bridport Tax Bill
$4,558
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05734 | $1,955 | $3,142 | $4,558 | $7,017 | $12,521 |
Source: Ownwell