Granby, Vermont Property Taxes
The median property tax rate in Granby, VT is 2.08%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Granby at $76,500, the typical annual property tax bill reaches $1,561, which is below the national median of $2,690. Property taxes in Granby 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 Granby'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 Granby 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
Granby, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$1,591
Ownwell’s Granby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granby 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 Granby, Vermont
Property taxes in Granby, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granby is 2.08%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Granby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granby 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 Granby's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05840 zip code has both the highest and lowest median property tax rate of 2.08%. Understanding how these cities compare with Granby provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granby Tax Rate
2.08%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05840 | 2.08% | 2.08% | 2.08% | 2.08% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Granby, Vermont
In Granby, 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 Essex 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 Granby, 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. The median home price in Granby is $76,500, with tax bills ranging from $976 at the 25th percentile to $3,545 at the 90th percentile. 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 Granby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Granby Assessed Value
$76,500
Average Essex County Assessed Value
$115,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05840 | $14,800 | $41,450 | $76,500 | $115,450 | $169,900 |
Source: Ownwell
Property Tax Bills Across Granby, Vermont
In Granby, Essex County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Granby is $76,500. Property taxes are determined by multiplying the assessed value by the tax rate set by local authorities. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Granby experience a range of property tax bills. The 25th percentile tax bill is $976, while the 75th percentile reaches $2,410, and the 90th percentile climbs to $3,545. These figures illustrate the variability in tax obligations based on property values and local tax rates. The highest and lowest median tax bills in Granby both stand at $1,561, highlighting the consistency within specific areas. Compared to the national median property tax rate of 0.99%, Granby's rates can vary significantly, impacting homeowners differently. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Granby Tax Bill
$1,561
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Granby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05840 | $307 | $976 | $1,561 | $2,410 | $3,545 |
Source: Ownwell