Fairlee, Vermont Property Taxes
The median property tax rate in Fairlee, VT is 2.45%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Fairlee being $226,510, the typical annual property tax bill reaches $4,748, exceeding the national median of $2,690. Property taxes in Fairlee 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 Fairlee'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 Fairlee 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
Fairlee, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$5,549
Ownwell’s Fairlee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairlee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairlee 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 Fairlee, Vermont
Property taxes in Fairlee, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairlee is 2.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairlee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairlee 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 Fairlee's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05045 has both the highest and lowest median property tax rate of 2.45%. Understanding how these areas compare with Fairlee provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairlee Tax Rate
2.45%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05045 | 1.68% | 2.44% | 2.45% | 2.56% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Fairlee, Vermont
In Fairlee, 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 Orange 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 Fairlee, 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 Fairlee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairlee is $226,510, with tax bills ranging from $3,152 at the 25th percentile to $11,240 at the 90th percentile. The zip code 05045 has both the highest and lowest median tax bill, which is $4,748.
Average Fairlee Assessed Value
$226,510
Average Orange County Assessed Value
$178,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05045 | $121,000 | $169,400 | $226,510 | $350,100 | $601,990 |
Source: Ownwell
Property Tax Bills Across Fairlee, Vermont
In Fairlee, located in Orange County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Fairlee face a median property tax bill of $4,748, which is notably higher than the national median property tax rate of 0.99%. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as the property's size, location, and market conditions can influence its assessed value. For instance, with a median home price of $226,510, homeowners can expect varying tax bills. At the 25th percentile, tax bills are around $3,152, while at the 75th percentile, they rise to $7,206. The highest tax bills, at the 90th percentile, can reach up to $11,240. These property taxes significantly impact homeowners, as they represent a substantial annual expense. Understanding how these factors interplay is crucial for homeowners looking to manage their financial obligations effectively.
Average Fairlee Tax Bill
$4,748
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05045 | $1,431 | $3,152 | $4,748 | $7,206 | $11,240 |
Source: Ownwell