Elmore, Vermont Property Taxes
The median property tax rate in Elmore, VT is 2.15%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Elmore, the typical annual property tax bill reaches $7,662, exceeding the national median of $2,690. Property taxes in Elmore 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 Elmore'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 Elmore 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
Elmore, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$7,658
Ownwell’s Elmore Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elmore with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elmore to provide an accurate property tax bill estimate. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, further localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Elmore, Vermont
Property taxes in Elmore, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmore is 2.15%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Elmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmore 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 Elmore's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05657 zip code has the highest median property tax rate of 2.15%, while the 05661 zip code has the lowest median tax rate of 2.15%. Understanding how these cities compare with Elmore provides valuable insights into the varying tax landscape across Lamoille County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmore Tax Rate
2.15%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
| 05661 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Elmore, Vermont
In Elmore, 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 Lamoille 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. Assessment notices in Elmore 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 Elmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $8,012 in zip code 05661, while the lowest is $6,105 in zip code 05657.
Average Elmore Assessed Value
$356,200
Average Lamoille County Assessed Value
$219,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | $51,380 | $101,350 | $283,800 | $375,150 | $549,100 |
| 05661 | $183,790 | $250,375 | $372,500 | $515,850 | $699,940 |
Source: Ownwell
Property Tax Bills Across Elmore, Vermont
In Elmore, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Elmore face a property tax rate that contributes to their overall tax bill, which can vary significantly. For instance, the 25th percentile tax bill is $5,214, while the 75th percentile tax bill reaches $10,974, and the 90th percentile can go as high as $14,997. These figures indicate a wide range of tax burdens depending on the property's assessed value and specific local rates. Compared to the national median property tax rate of 0.99%, Elmore's property tax bills can be notably higher, reflecting the region's property values and tax policies. The highest median tax bill in the area is $8,012 in the 05661 zip code, while the lowest is $6,105 in the 05657 zip code. These taxes fund essential local services, impacting homeowners by contributing to community resources but also adding to their annual expenses.
Average Elmore Tax Bill
$7,662
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | $1,105 | $2,180 | $6,105 | $8,070 | $11,811 |
| 05661 | $3,865 | $5,386 | $8,012 | $11,096 | $15,056 |
Source: Ownwell