Lower Waterford, Vermont Property Taxes
The median property tax rate in Lower Waterford, VT is 1.75%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Lower Waterford, the typical annual property tax bill reaches $3,632, exceeding the national median of $2,690. Property taxes in Lower Waterford 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 Lower Waterford'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 Lower Waterford 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
Lower Waterford, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$3,624
Ownwell’s Lower Waterford Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lower Waterford with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Lower Waterford to provide an estimate of your property tax bill. This valuable tool offers insights into your potential tax liabilities. For those interested in exploring trends at a neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Lower Waterford, Vermont
Property taxes in Lower Waterford, Vermont, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Waterford is 1.75%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Lower Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Waterford 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 Lower Waterford's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05848 zip code has the highest median property tax rate of 1.75%, while the 05848 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Lower Waterford 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 Lower Waterford Tax Rate
1.75%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Waterford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05848 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Lower Waterford, Vermont
In Lower Waterford, 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 local 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 Lower Waterford, 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 Lower Waterford 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 is 05848, with a tax bill of $3,632.
Property Tax Assessment Values Across Lower Waterford, Vermont
Source: Ownwell
$63,600
$165,900
$268,200
Average Lower Waterford Assessed Value
$207,100
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 Lower Waterford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05848 | $207,100 | $207,100 | $207,100 | $207,100 | $207,100 |
Source: Ownwell
Property Tax Bills Across Lower Waterford, Vermont
In Lower Waterford, Caledonia County, VT, property tax bills are calculated based on the assessed value of the home and the local property tax rate. The median home price in this area is $207,100, and the property tax rate significantly impacts the final tax bill for homeowners. The median property tax rate in Lower Waterford is notable, with homeowners typically paying around $3,632 annually. This figure remains consistent across various percentiles, highlighting a uniform tax rate application within the region. Several factors influence the tax bill, including the assessed value of the property and any applicable exemptions or deductions. The assessed value is determined by local tax assessors and reflects the market value of the property. Homeowners in Lower Waterford face a higher tax bill compared to the national median property tax rate of 0.99%, which can affect their overall financial planning and housing affordability. Understanding these elements is crucial for homeowners to anticipate their annual property tax responsibilities accurately.
Average Lower Waterford Tax Bill
$3,632
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Waterford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05848 | $3,632 | $3,632 | $3,632 | $3,632 | $3,632 |
Source: Ownwell