Waterville, Vermont Property Taxes
The median property tax rate in Waterville, VT is 2.31%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $160,650 in Waterville, the typical annual property tax bill amounts to $3,740, far exceeding the national median of $2,690. Property taxes in Waterville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Waterville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waterville or another part of Lamoille County, a solid grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterville, 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 Waterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterville 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 Waterville, Vermont
Property taxes in Waterville, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterville is 2.31%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Waterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterville 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 Waterville's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05492 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Waterville 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 Waterville Tax Rate
2.31%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05492 | 2.20% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Vermont
In Waterville, 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 Waterville, 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 Waterville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Waterville is in the 05492 zip code at $3,740, which is significantly higher than the national median property tax rate of 0.99%. The lowest median tax bill is also in the 05492 zip code at $3,740. For comparison, the tax bill at the 25th percentile is $2,648, and at the 75th percentile, it is $4,962.
Average Waterville Assessed Value
$160,650
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 Waterville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05492 | $63,040 | $115,325 | $160,650 | $221,250 | $280,220 |
Source: Ownwell
Property Tax Bills Across Waterville, Vermont
In Waterville, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $160,650. Property taxes are then derived by applying the local tax rate to this assessed value. Various factors such as property size, location, and market conditions influence the assessed value. For instance, the tax bill at the 25th percentile is $2,648, while it rises to $4,962 at the 75th percentile, and reaches up to $6,358 at the 90th percentile. Comparatively, the national median property tax rate stands at 0.99%, making Waterville’s property tax rates notably higher. These taxes are crucial for funding public services like schools, infrastructure, and emergency services, significantly impacting homeowners. For those residing in the 05492 zip code, the median tax bill is notably $3,740, reflecting the higher end of the spectrum in the county of Lamoille. Understanding these dynamics can help homeowners better anticipate their financial obligations.
Average Waterville Tax Bill
$3,740
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05492 | $1,450 | $2,648 | $3,740 | $4,962 | $6,358 |
Source: Ownwell