Morgan, Vermont Property Taxes
The median property tax rate in Morgan, VT is 1.89%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Morgan at $185,600, the typical annual property tax bill reaches $2,992, exceeding the national median of $2,690. Property taxes in Morgan 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 Morgan'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 Morgan 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
Morgan, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$3,508
Ownwell’s Morgan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgan 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 Morgan, Vermont
Property taxes in Morgan, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan is 1.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Morgan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan 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 Morgan's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05853 zip code has both the highest and lowest median property tax rate of 1.89%. Understanding how these cities compare with Morgan 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 Morgan Tax Rate
1.89%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05853 | 0.97% | 1.54% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Morgan, Vermont
In Morgan, 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 Morgan, 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 Morgan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05853 in Morgan has the same highest and lowest median tax bill of $2,992.
Average Morgan Assessed Value
$185,600
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 Morgan, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05853 | $69,740 | $122,000 | $185,600 | $270,900 | $378,400 |
Source: Ownwell
Property Tax Bills Across Morgan, Vermont
In Morgan, Orleans County, 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 Morgan is $185,600, and the property tax rate is applied to this value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Morgan can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,740, while the 75th percentile tax bill is $4,694, indicating a wide range in property tax obligations. The highest tax bills can reach up to $6,696 at the 90th percentile. These property taxes fund local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Morgan's tax rates can result in higher tax bills, impacting homeowners' annual expenses considerably. Understanding these factors can help homeowners anticipate their financial responsibilities more accurately.
Average Morgan Tax Bill
$2,992
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05853 | $1,073 | $1,740 | $2,992 | $4,694 | $6,696 |
Source: Ownwell