Richford, Vermont Property Taxes
The median property tax rate in Richford, VT is 1.82%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Richford at $148,850, the typical annual property tax bill reaches $2,714, slightly above the national median of $2,690. Property taxes in Richford 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 Richford'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 Richford 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
Richford, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$2,709
Ownwell’s RICHFORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHFORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHFORD 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 Richford, Vermont
Property taxes in Richford, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richford is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richford set these rates annually, and they can vary across different neighborhoods. Each year, Richford 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 Richford's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05476 has the highest median property tax rate of 1.82%, while the lowest median tax rate in the same zip code is also 1.82%. Understanding how these cities compare with Richford 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 Richford Tax Rate
1.82%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05476 | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Richford, Vermont
In Richford, 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 Richford, 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 Richford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $2,714 in the 05476 zip code, reflecting the median home price of $148,850.
Average Richford Assessed Value
$148,850
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 Richford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05476 | $54,880 | $70,900 | $148,850 | $234,025 | $263,050 |
Source: Ownwell
Property Tax Bills Across Richford, Vermont
In Richford, VT, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The median home price in the area is $148,850, which serves as a baseline for calculating property taxes. The assessed value is multiplied by the tax rate to generate the annual tax bill. For homeowners in Richford, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,293, while the 75th percentile tax bill rises to $4,266. At the 90th percentile, homeowners might pay as much as $4,795 annually. These variations in tax bills are influenced by factors such as property location, size, and improvements. Comparatively, the median property tax rate in Richford aligns closely with the national median of 0.99%, ensuring that local homeowners are not disproportionately burdened. However, the highest median tax bill recorded in the zip code 05476 stands at $2,714. This comprehensive approach ensures that property taxes are fairly distributed, impacting homeowners based on their property's assessed value.
Average Richford Tax Bill
$2,714
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Richford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05476 | $1,001 | $1,293 | $2,714 | $4,266 | $4,795 |
Source: Ownwell