Norton, Vermont Property Taxes
The median property tax rate in Norton, VT is 1.62%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Norton, the typical annual property tax bill reaches $2,039, which is below the national median of $2,690. Property taxes in Norton 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 Norton'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 Norton 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
Norton, 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 Norton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norton 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 Norton, Vermont
Property taxes in Norton, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norton is 1.62%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Norton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norton 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 Norton's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05907 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Norton 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 Norton Tax Rate
1.62%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05907 | 1.27% | 1.46% | 1.62% | 1.91% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Norton, Vermont
In Norton, 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 Norton, 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 Norton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Norton is $119,650, with tax bills ranging from $1,285 at the 25th percentile to $3,842 at the 90th percentile. The highest and lowest median tax bills are both $2,039 in the 05907 zip code.
Average Norton Assessed Value
$119,650
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 Norton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05907 | $32,990 | $71,200 | $119,650 | $180,125 | $250,610 |
Source: Ownwell
Property Tax Bills Across Norton, Vermont
In Norton, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate to determine the annual tax bill. For instance, with a median home price of $119,650, homeowners can expect varying tax bills depending on their property’s assessed value and the applicable tax rate in Essex County. Several factors influence the tax bill, including property size, location, and any improvements made. In Norton, the 25th percentile of tax bills is around $1,285, while the 75th percentile reaches approximately $2,840. For higher-valued homes, the 90th percentile tax bill can be as much as $3,842. The median tax bill in Norton stands at $2,039, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life.
Average Norton Tax Bill
$2,039
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Norton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05907 | $661 | $1,285 | $2,039 | $2,840 | $3,842 |
Source: Ownwell