Shoreham, Vermont Property Taxes
The median property tax rate in Shoreham, VT is 2.21%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Shoreham at $209,900, the typical annual property tax bill reaches $4,752, exceeding the national median of $2,690. Property taxes in Shoreham 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 Shoreham'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 Shoreham 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
Shoreham, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$4,639
Ownwell’s Shoreham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shoreham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shoreham 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 Shoreham, Vermont
Property taxes in Shoreham, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shoreham is 2.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Shoreham set these rates annually, and they can vary across different neighborhoods. Each year, Shoreham 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 Shoreham's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05770 has the highest median property tax rate of 2.21%, while it also represents the lowest median tax rate of 2.21%. Understanding how these areas compare with Shoreham 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 Shoreham Tax Rate
2.21%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shoreham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05770 | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Shoreham, Vermont
In Shoreham, 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 Shoreham, 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 Shoreham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $4,752 in the 05770 zip code.
Average Shoreham Assessed Value
$209,900
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 Shoreham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05770 | $103,760 | $152,000 | $209,900 | $291,625 | $439,490 |
Source: Ownwell
Property Tax Bills Across Shoreham, Vermont
In Shoreham, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value represents the estimated market value of the property, which is then multiplied by the tax rate to determine the annual tax bill. For example, the median home price in Shoreham is $209,900. Homeowners at the 25th percentile pay around $3,377 annually, while those at the 75th percentile face a tax bill of approximately $6,532. The tax bill can go as high as $9,718 for those in the 90th percentile. Factors such as property size, location, and market conditions are considered when determining the assessed value. These property taxes fund essential community services like education, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Shoreham residents experience varying tax burdens. This affects homeowners by influencing their overall cost of living and potentially their property values, making it crucial to understand how these taxes are calculated and allocated.
Average Shoreham Tax Bill
$4,752
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Shoreham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05770 | $2,355 | $3,377 | $4,752 | $6,532 | $9,718 |
Source: Ownwell