Craftsbury Common, Vermont Property Taxes
The median property tax rate in Craftsbury Common, VT is 2.01%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Craftsbury Common at $226,050, the typical annual property tax bill reaches $5,202, far exceeding the national median of $2,690. Property taxes in Craftsbury Common are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Craftsbury Common’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 Craftsbury Common or another part of Orleans County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craftsbury Common, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$4,544
Ownwell’s Craftsbury Common Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craftsbury Common with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craftsbury Common 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 Craftsbury Common, Vermont
Property taxes in Craftsbury Common, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craftsbury Common is 2.01%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Craftsbury Common set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craftsbury Common 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 Craftsbury Common's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05827 has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these areas compare with Craftsbury Common provides valuable insights into the varying tax landscape across Orleans County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craftsbury Common Tax Rate
2.01%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craftsbury Common, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05827 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Craftsbury Common, Vermont
In Craftsbury Common, 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 Orleans 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 Craftsbury Common, 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 Craftsbury Common helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the highest and lowest zip codes, both being 05827, is $5,202, reflecting the uniformity of tax burdens within the area.
Property Tax Assessment Values Across Craftsbury Common, Vermont
Source: Ownwell
$28,300
$131,075
$233,850
Average Craftsbury Common Assessed Value
$226,050
Average Orleans County Assessed Value
$150,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craftsbury Common, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05827 | $103,900 | $152,025 | $226,050 | $315,375 | $397,100 |
Source: Ownwell
Property Tax Bills Across Craftsbury Common, Vermont
In Craftsbury Common, Orleans County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local government budgets, and voter-approved levies for public services like schools and infrastructure. Homeowners in Craftsbury Common face varying tax bills, with the 25th percentile paying around $3,463 annually, while those in the 75th percentile pay approximately $6,912. The highest tax bills, in the 90th percentile, can reach up to $10,997. The median home price in Craftsbury Common is $226,050, and the median property tax rate in Orleans County stands at 2.30%, significantly higher than the national median of 0.99%. These high rates can significantly impact homeowners, making property taxes a substantial part of annual homeownership costs.
Average Craftsbury Common Tax Bill
$5,202
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Craftsbury Common, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05827 | $2,800 | $3,463 | $5,202 | $6,912 | $10,997 |
Source: Ownwell