Panton, Vermont Property Taxes
The median property tax rate in Panton, VT is 2.18%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Panton at $355,500, the typical annual property tax bill reaches $7,736, far exceeding the national median of $2,690. Property taxes in Panton 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 Panton'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 Panton 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
Panton, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$7,750
Ownwell’s Panton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Panton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panton 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 Panton, Vermont
Property taxes in Panton, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panton is 2.18%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Panton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panton 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 Panton's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05491 zip code has both the highest and lowest median property tax rate of 2.18%. Understanding how these cities compare with Panton 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 Panton Tax Rate
2.18%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Panton, Vermont
In Panton, 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 Panton, 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. Panton's homeowners can expect a median home price of $355,500, with tax bills ranging from $3,671 at the 25th percentile to $28,533 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Panton Assessed Value
$355,500
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 Panton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | $99,260 | $168,700 | $355,500 | $937,300 | $1,311,280 |
Source: Ownwell
Property Tax Bills Across Panton, Vermont
In Panton, Addison County, VT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's location, size, and condition. For instance, in Panton, the median home price stands at $355,500. Tax bills in this area vary significantly, with the 25th percentile at $3,671 and the 75th percentile reaching $20,396. The 90th percentile tax bill can be as high as $28,533. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Panton's rates may seem high, reflecting the town's investment in community amenities and services. Homeowners should be aware of these factors to better understand and anticipate their property tax obligations.
Average Panton Tax Bill
$7,736
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Panton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05491 | $2,160 | $3,671 | $7,736 | $20,396 | $28,533 |
Source: Ownwell