Sheffield, Vermont Property Taxes
The median property tax rate in Sheffield, VT is 1.66%, which is significantly higher than the national median of 0.99% but lower than the Vermont state median of 2.11%. With a median home value of $101,100 in Sheffield, the typical annual property tax bill comes to $1,709, falling below the national median of $2,690. Property taxes in Sheffield are based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Sheffield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sheffield or another part of Caledonia County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheffield, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$1,678
Ownwell’s Sheffield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheffield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheffield 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 Sheffield, Vermont
Property taxes in Sheffield, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheffield is 1.66%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Sheffield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheffield 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 Sheffield's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05866 zip code has both the highest and lowest median property tax rate of 1.66%. Understanding how these areas compare with Sheffield 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 Sheffield Tax Rate
1.66%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheffield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05866 | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Sheffield, Vermont
In Sheffield, 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 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 Sheffield, 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 Sheffield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Sheffield is 05866, with a tax bill of $1,709.
Average Sheffield Assessed Value
$101,100
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 Sheffield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05866 | $41,980 | $64,950 | $101,100 | $149,450 | $219,960 |
Source: Ownwell
Property Tax Bills Across Sheffield, Vermont
In Sheffield, located in Caledonia County, VT, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Sheffield, the median home price stands at $101,100. The tax bills vary significantly, with the 25th percentile at $1,079 and the 75th percentile reaching $2,482. For those at the 90th percentile, the tax bill can be as high as $3,695. Compared to the national median property tax rate of 0.99%, Sheffield's rates reflect the local economic conditions and funding needs. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Therefore, understanding how these taxes are calculated helps homeowners in Sheffield anticipate their annual financial obligations and the value they receive from their contributions to the community.
Average Sheffield Tax Bill
$1,709
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheffield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05866 | $709 | $1,079 | $1,709 | $2,482 | $3,695 |
Source: Ownwell