Readsboro, Vermont Property Taxes
The median property tax rate in Readsboro, VT is 2.39%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Readsboro at $145,400, the typical annual property tax bill reaches $3,508, exceeding the national median of $2,690. Property taxes in Readsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Readsboro'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 Readsboro or another part of Bennington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Readsboro, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$3,475
Ownwell’s Readsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Readsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Readsboro 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 Readsboro, Vermont
Property taxes in Readsboro, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Readsboro is 2.39%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Readsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Readsboro 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 Readsboro's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05350 has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these areas compare with Readsboro provides valuable insights into the varying tax landscape across Bennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Readsboro Tax Rate
2.39%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Readsboro, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05350 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Readsboro, Vermont
In Readsboro, 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 Bennington 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 Readsboro, 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 Readsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05350 has both the highest and lowest median tax bill, which stands at $3,508.
Average Readsboro Assessed Value
$145,400
Average Bennington County Assessed Value
$189,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Readsboro, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05350 | $66,580 | $107,600 | $145,400 | $200,900 | $287,060 |
Source: Ownwell
Property Tax Bills Across Readsboro, Vermont
In Readsboro, located in Bennington County, 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 property tax bill. For example, with a median home price of $145,400, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Several factors influence the final tax bill, including property location, improvements, and comparable home values in the area. In Readsboro, the tax bills range significantly, with the 25th percentile around $2,596 and the 75th percentile reaching $4,926. At the higher end, the 90th percentile tax bill can go up to $6,919. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Readsboro's rates reflect the local economic and real estate conditions.
Average Readsboro Tax Bill
$3,508
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Readsboro, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05350 | $1,592 | $2,596 | $3,508 | $4,926 | $6,919 |
Source: Ownwell