Burke, Vermont Property Taxes
The median property tax rate in Burke, VT is 2.48%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Burke, the typical annual property tax bill reaches $5,292, exceeding the national median of $2,690. Property taxes in Burke 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 Burke'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 Burke 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
Burke, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s Burke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burke 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 Burke, Vermont
Property taxes in Burke, Vermont, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Burke is 2.48%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Burke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burke 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 Burke's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05871 zip code has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these figures compare with Burke provides valuable insights into the varying tax landscape across Caledonia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burke Tax Rate
2.48%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burke, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05871 | 2.48% | 2.48% | 2.48% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Burke, Vermont
In Burke, 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 Caledonia County 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 Burke, 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 Burke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Burke is 05871, with a median tax bill of $5,292.
Average Burke Assessed Value
$213,400
Average Caledonia County Assessed Value
$151,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burke, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05871 | $159,860 | $167,000 | $213,400 | $328,650 | $570,640 |
Source: Ownwell
Property Tax Bills Across Burke, Vermont
In Burke, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Burke is $213,400. Property taxes are then applied to this assessed value using the local tax rate, which varies by county. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions or deductions. Homeowners in Burke can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $4,142, while the 75th percentile tax bill reaches $8,151. At the higher end, the 90th percentile tax bill can soar to $14,152. These figures highlight the range of property tax burdens that homeowners might face. Compared to the national median property tax rate of 0.99%, Burke's property taxes can be significantly higher, impacting homeowners' annual expenses and overall financial planning. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Burke Tax Bill
$5,292
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Burke, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05871 | $3,964 | $4,142 | $5,292 | $8,151 | $14,152 |
Source: Ownwell