Highgate Center, Vermont Property Taxes
The median property tax rate in Highgate Center, VT is 2.01%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Highgate Center at $182,700, the typical annual property tax bill reaches $3,666, exceeding the national median of $2,690. Property taxes in Highgate Center 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 Highgate Center'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 Highgate Center 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
Highgate Center, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$3,672
Ownwell’s Highgate Center Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Highgate Center. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Highgate Center to provide an accurate property tax bill estimate. This essential tool helps you understand potential tax liabilities clearly. For those looking to dive deeper into neighborhood-specific trends, additional localized information can be found below. Your property’s assessed value, determined by Franklin County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Highgate Center, Vermont
Property taxes in Highgate Center, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highgate Center is 2.01%, significantly higher than the U.S. national median of 0.99%. Local government entities within Highgate Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highgate Center 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 Highgate Center's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 05459 has both the highest and lowest median property tax rate of 2.01%. Understanding how these areas compare with Highgate Center 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 Highgate Center Tax Rate
2.01%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highgate Center, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Highgate Center, Vermont
In Highgate Center, 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 Highgate Center, 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 Highgate Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05459 has both the highest and lowest median tax bill, which stands at $3,666.
Property Tax Assessment Values Across Highgate Center, Vermont
Source: Ownwell
$130,000
$260,850
$391,700
Average Highgate Center Assessed Value
$182,700
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 Highgate Center, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | $87,740 | $143,850 | $182,700 | $233,125 | $299,860 |
Source: Ownwell
Property Tax Bills Across Highgate Center, Vermont
In Highgate Center, property tax bills are calculated based on the assessed value of a home, which is influenced by the market value and other local factors. The median home price in Highgate Center is $182,700. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,875 and the 75th percentile reaching $4,678. At the 90th percentile, tax bills can go up to $5,892. These figures highlight the variability in property taxes depending on the property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Highgate Center's property tax environment can be relatively high, impacting homeowners by increasing their annual expenses. The highest and lowest median tax bills in the area are both reported at $3,666, which falls within the range but indicates a notable consistency in certain parts of Franklin County. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Highgate Center Tax Bill
$3,666
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Highgate Center, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | $1,747 | $2,875 | $3,666 | $4,678 | $5,892 |
Source: Ownwell