Swanton, Vermont Property Taxes
The median property tax rate in Swanton, 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 Swanton at $195,400, the typical annual property tax bill reaches $3,624, exceeding the national median of $2,690. Property taxes in Swanton 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 Swanton'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 Swanton 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
Swanton, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$3,928
Ownwell’s Swanton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swanton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swanton 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 Swanton, Vermont
Property taxes in Swanton, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swanton is 2.01%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Swanton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swanton 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 Swanton's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05488 has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these figures compare with Swanton 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 Swanton 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 Swanton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05488 | 0.51% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Swanton, Vermont
In Swanton, 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 Swanton, 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 Swanton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Swanton is $195,400, with tax bills ranging from $2,600 at the 25th percentile to $6,428 at the 90th percentile. The highest and lowest median tax bills are both in zip code 05488, amounting to $3,624.
Average Swanton Assessed Value
$195,400
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 Swanton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05488 | $97,080 | $153,000 | $195,400 | $271,300 | $352,420 |
Source: Ownwell
Property Tax Bills Across Swanton, Vermont
In Swanton, located in Franklin County, VT, property tax bills are calculated based on the assessed value of a home. The assessment is determined by local tax assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $195,400, homeowners in Swanton can expect varying tax bills. The tax bill at the 25th percentile is around $2,600, while at the 75th percentile, it rises to approximately $4,926. For those at the 90th percentile, the tax bill can reach up to $6,428. These figures highlight the range of property taxes that homeowners might face, depending on their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Swanton's property taxes can be relatively higher, impacting homeowners' annual expenses significantly. Understanding these factors helps homeowners in Swanton better anticipate their financial obligations related to property ownership.
Average Swanton Tax Bill
$3,624
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Swanton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05488 | $905 | $2,600 | $3,624 | $4,926 | $6,428 |
Source: Ownwell