Troy, Vermont Property Taxes
The median property tax rate in Troy, VT is 2.25%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Troy at $129,000, the typical annual property tax bill reaches $2,898, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$2,903
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Vermont
Property taxes in Troy, Vermont, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Troy is 2.25%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary considerably across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05868 has the highest median property tax rate of 2.25%, while the zip code 05859 has the lowest median tax rate of 2.25%. Understanding how these areas compare with Troy 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 Troy Tax Rate
2.25%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
| 05868 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Vermont
In Troy, 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 Troy, 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. For instance, the highest median tax bill in Troy is $3,997 in the 05859 zip code, while the lowest is $2,894 in the 05868 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Troy Assessed Value
$129,000
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 Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $177,900 | $177,900 | $177,900 | $177,900 | $177,900 |
| 05868 | $55,520 | $88,850 | $128,800 | $182,950 | $247,560 |
Source: Ownwell
Property Tax Bills Across Troy, Vermont
In Troy, VT, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Troy is $129,000, and the property tax rate in Orleans County significantly influences the tax bills for homeowners. Several factors contribute to the determination of the tax bill, including the property's location, size, and any improvements or renovations made. Homeowners in Troy typically see a tax bill ranging from $1,997 at the 25th percentile to $4,074 at the 75th percentile, with the 90th percentile reaching up to $5,550. This tax burden can impact homeowners by affecting their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Troy's tax rates can result in higher annual expenses for property owners, influencing their financial planning and long-term investment in their homes.
Average Troy Tax Bill
$2,898
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $3,997 | $3,997 | $3,997 | $3,997 | $3,997 |
| 05868 | $1,247 | $1,996 | $2,894 | $4,110 | $5,563 |
Source: Ownwell