Morristown, Vermont Property Taxes
The median property tax rate in Morristown, VT is 2.26%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Morristown at $444,400, the typical annual property tax bill reaches $8,402, far exceeding the national median of $2,690. Property taxes in Morristown 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 Morristown'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 Morristown 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
Morristown, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$10,043
Ownwell’s Morristown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morristown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morristown 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 Morristown, Vermont
Property taxes in Morristown, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 2.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Morristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morristown 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 Morristown's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05661 zip code has the highest median property tax rate of 2.26%, which is also the lowest median tax rate in the area. Understanding how these cities compare with Morristown 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 Morristown Tax Rate
2.26%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | 1.30% | 1.35% | 2.26% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Vermont
In Morristown, 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. In Morristown, 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. For instance, the median home price in Morristown is $444,400, with tax bills ranging from $4,767 at the 25th percentile to $21,663 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morristown Assessed Value
$444,400
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 Morristown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | $231,740 | $334,250 | $444,400 | $559,000 | $884,560 |
Source: Ownwell
Property Tax Bills Across Morristown, Vermont
In Morristown, Lamoille County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate, which is determined annually by local government authorities to meet budgetary needs for public services like schools, roads, and emergency services. Homeowners in Morristown experience a range of property tax bills. For instance, the 25th percentile tax bill is $4,767, while the 75th percentile reaches $12,812, and the 90th percentile climbs to $21,663. The median home price in Morristown is $444,400, which reflects the area's real estate market and directly influences property tax bills. Comparatively, the national median property tax rate is 0.99%, and homeowners in Morristown may find their tax bills higher due to the local tax rate and property values. This can significantly impact household budgets, making it essential for homeowners to understand their tax assessments and potential exemptions.
Average Morristown Tax Bill
$8,402
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | $2,913 | $4,767 | $8,402 | $12,812 | $21,663 |
Source: Ownwell