North Hero, Vermont Property Taxes
The median property tax rate in North Hero, VT is 1.98%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in North Hero, the typical annual property tax bill reaches $5,037, exceeding the national median of $2,690. Property taxes in North Hero 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 North Hero'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 North Hero 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
North Hero, 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 North Hero Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Hero with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Hero 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 North Hero, Vermont
Property taxes in North Hero, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Hero is 1.98%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Hero set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Hero 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 North Hero's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05474 has the highest median property tax rate of 1.98%, while the same zip code also has the lowest median tax rate of 1.98%. Understanding how these cities compare with North Hero provides valuable insights into the varying tax landscape across Grand Isle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Hero Tax Rate
1.98%
Average Grand Isle County Tax Rate
1.98%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Hero, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05474 | 1.95% | 1.98% | 1.98% | 1.98% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across North Hero, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Hero, Vermont. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Grand Isle 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 North Hero, 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 North Hero helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $5,037 in the 05474 zip code.
Average North Hero Assessed Value
$255,800
Average Grand Isle County Assessed Value
$222,800
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Hero, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05474 | $115,080 | $184,600 | $255,800 | $382,900 | $549,100 |
Source: Ownwell
Property Tax Bills Across North Hero, Vermont
In North Hero, Grand Isle County, VT, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. For homeowners in North Hero, the median home price stands at $255,800. Property tax bills can vary significantly, with the 25th percentile at $3,601 and the 75th percentile reaching $7,593. The highest median tax bill recorded in the area is $5,037, while the lowest is also $5,037, both within the 05474 zip code. Compared to the national median property tax rate of 0.99%, North Hero's tax rates can have a substantial impact on homeowners' annual expenses. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average North Hero Tax Bill
$5,037
Average Grand Isle County Tax Bill
$4,237
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across North Hero, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05474 | $2,208 | $3,601 | $5,037 | $7,593 | $10,778 |
Source: Ownwell