Whiting, Vermont Property Taxes
The median property tax rate in Whiting, VT is 1.55%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Whiting, the typical annual property tax bill reaches $3,375, exceeding the national median of $2,690. Property taxes in Whiting 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 Whiting'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 Whiting 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
Whiting, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$3,054
Ownwell’s Whiting Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whiting with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whiting 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 Whiting, Vermont
Property taxes in Whiting, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whiting is 1.55%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Whiting set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whiting 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 Whiting's effective property tax rate to other areas in Addison County and the national median. For comparison, the zip code 05778 has the highest median property tax rate of 1.55%, while the same zip code also represents the lowest median tax rate of 1.55%. Understanding how these areas compare with Whiting 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 Whiting Tax Rate
1.55%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whiting, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05778 | 1.55% | 1.55% | 1.55% | 2.04% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Whiting, Vermont
In Whiting, 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 Whiting, 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 Whiting helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,375, found in the 05778 zip code, which is the same as the lowest median tax bill.
Average Whiting Assessed Value
$197,050
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 Whiting, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05778 | $83,730 | $137,550 | $197,050 | $281,975 | $415,460 |
Source: Ownwell
Property Tax Bills Across Whiting, Vermont
In Whiting, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and represents the market value of the property. To calculate the tax bill, this assessed value is multiplied by the local tax rate. For instance, with a median home price of $197,050, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $2,308, while the 75th percentile tax bill can reach up to $4,910. At the higher end, the 90th percentile tax bill is about $7,803. These figures illustrate how property taxes can vary significantly based on the home's assessed value and the specific local tax rate. Compared to the national median property tax rate of 0.99%, Whiting's tax rates can lead to substantial annual bills, affecting homeowners' budgets and financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Whiting Tax Bill
$3,375
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Whiting, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05778 | $1,422 | $2,308 | $3,375 | $4,910 | $7,803 |
Source: Ownwell