East Fairfield, Vermont Property Taxes
The median property tax rate in East Fairfield, VT is 2.29%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in East Fairfield at $186,800, the typical annual property tax bill reaches $4,099, exceeding the national median of $2,690. Property taxes in East Fairfield 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 East Fairfield'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 East Fairfield 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
East Fairfield, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.29%
Estimate Property Tax Bill
$4,278
Ownwell’s EAST FAIRFIELD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST FAIRFIELD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST FAIRFIELD 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 East Fairfield, Vermont
Property taxes in East Fairfield, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Fairfield is 2.29%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within East Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Fairfield 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 East Fairfield's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05448 has the highest median property tax rate of 2.29%, while the same zip code also represents the lowest median tax rate of 2.29%. Understanding how these areas compare with East Fairfield 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 East Fairfield Tax Rate
2.29%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Fairfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05448 | 2.26% | 2.26% | 2.29% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across East Fairfield, Vermont
In East Fairfield, 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 East Fairfield, 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. For example, homeowners in the 05448 zip code see a median tax bill of $4,099, which is consistent across the board. 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 East Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across East Fairfield, Vermont
Source: Ownwell
$130,000
$260,850
$391,700
Average East Fairfield Assessed Value
$186,800
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 East Fairfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05448 | $95,480 | $136,350 | $186,800 | $240,690 | $300,300 |
Source: Ownwell
Property Tax Bills Across East Fairfield, Vermont
In East Fairfield, VT, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the property’s market value, taking into account factors such as location, size, and condition. Homeowners in East Fairfield can expect their tax bills to reflect these assessments, with amounts varying significantly across different percentiles. For instance, the tax bill at the 25th percentile is around $3,200, while those at the 75th and 90th percentiles are approximately $5,506 and $7,019, respectively. Compared to the national median property tax rate of 0.99%, East Fairfield's rates can lead to higher tax bills due to the local valuation methods and market conditions. These property taxes are essential for funding community services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the area. Homeowners need to be aware of these factors as they budget for annual expenses and consider the long-term financial implications of owning property in this region.
Average East Fairfield Tax Bill
$4,099
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across East Fairfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05448 | $2,503 | $3,200 | $4,099 | $5,506 | $7,019 |
Source: Ownwell