Bakersfield, Vermont Property Taxes
The median property tax rate in Bakersfield, VT is 2.26%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Bakersfield, the typical annual property tax bill reaches $3,786, exceeding the national median of $2,690. Property taxes in Bakersfield 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 Bakersfield'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 Bakersfield 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
Bakersfield, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$3,783
Ownwell’s Bakersfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bakersfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bakersfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Bakersfield, Vermont
Property taxes in Bakersfield, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bakersfield is 2.26%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Bakersfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bakersfield 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 Bakersfield's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05441 zip code has the highest median property tax rate of 2.26%, while the same 05441 zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Bakersfield provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bakersfield Tax Rate
2.26%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bakersfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05441 | 2.26% | 2.26% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Bakersfield, Vermont
In Bakersfield, 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 Franklin 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 Bakersfield, 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 Bakersfield is $167,400, with tax bills ranging from $2,830 at the 25th percentile to $6,573 at the 90th percentile. The highest and lowest median tax bills are both $3,786, found in zip code 05441. 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 Bakersfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bakersfield Assessed Value
$167,400
Average Franklin County Assessed Value
$195,300
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bakersfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05441 | $65,430 | $122,425 | $167,400 | $218,875 | $290,520 |
Source: Ownwell
Property Tax Bills Across Bakersfield, Vermont
In Bakersfield, Franklin County, VT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town assessor and reflects the market value of the property. For homeowners, a critical factor is the median home price, which stands at $167,400. The property tax rate in the area is used to compute the annual tax bill, which varies significantly depending on the value of the home. For instance, homeowners at the 25th percentile of tax bills pay around $2,830 annually, while those at the 75th percentile see bills closer to $4,937. At the 90th percentile, property tax bills can reach as high as $6,573. These figures indicate that property taxes can be a substantial expense for homeowners, impacting their overall cost of living and financial planning. The highest and lowest median tax bills in Bakersfield are both reported at $3,786, highlighting a consistent tax rate across different zip codes within the city.
Average Bakersfield Tax Bill
$3,786
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Bakersfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05441 | $1,468 | $2,830 | $3,786 | $4,937 | $6,573 |
Source: Ownwell