Morrisville, Vermont Property Taxes
The median property tax rate in Morrisville, VT is 1.33%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Morrisville, the typical annual property tax bill reaches $3,050, exceeding the national median of $2,690. Property taxes in Morrisville 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 Morrisville'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 Morrisville 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
Morrisville, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$2,768
Ownwell’s Morrisville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Morrisville to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities. For those interested in more granular information, you can find trends on a neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Morrisville, Vermont
Property taxes in Morrisville, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrisville is 1.33%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Morrisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrisville 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 Morrisville's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05661 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Morrisville 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 Morrisville Tax Rate
1.33%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrisville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | 0.51% | 0.99% | 1.33% | 2.66% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Morrisville, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morrisville, Vermont. 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 local 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 Morrisville 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. Morrisville residents can particularly benefit from identifying opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,050, found in the 05661 zip code, providing a clear picture of the local property tax landscape.
Average Morrisville Assessed Value
$208,100
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 Morrisville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | $117,990 | $153,425 | $208,100 | $299,825 | $429,470 |
Source: Ownwell
Property Tax Bills Across Morrisville, Vermont
In Morrisville, VT, property tax bills are calculated based on the assessed value of your home. The local tax authorities determine this assessed value, which often differs from the market value. For Morrisville homeowners, the median home price stands at $208,100. Property tax rates are applied to this assessed value to determine the tax bill. Various factors influence the final tax amount, including the property's size, location, and any applicable exemptions. For example, the 25th percentile of tax bills in Morrisville is $1,708, while the 75th percentile reaches $5,134. At the higher end, the 90th percentile tax bill is $7,836. This range indicates how different factors can significantly impact the property tax amount. Comparatively, the national median property tax rate is 0.99%, making Morrisville's tax landscape unique. Homeowners in the area should be aware of these variables as they can substantially affect their annual financial obligations.
Average Morrisville Tax Bill
$3,050
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrisville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05661 | $641 | $1,708 | $3,050 | $5,134 | $7,836 |
Source: Ownwell