Benson, Vermont Property Taxes
The median property tax rate in Benson, VT is 2.31%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Benson, the typical annual property tax bill reaches $3,515, exceeding the national median of $2,690. Property taxes in Benson 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 Benson'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 Benson 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
Benson, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$3,586
Ownwell’s Benson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benson 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 Benson, Vermont
Property taxes in Benson, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benson is 2.31%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Benson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benson 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 Benson's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05743 zip code has the highest median property tax rate of 2.31%, while the 05731 zip code has the lowest median tax rate of 2.31%. Understanding how these cities compare with Benson provides valuable insights into the varying tax landscape across Rutland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benson Tax Rate
2.31%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benson, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05731 | 1.79% | 2.31% | 2.31% | 2.31% | 2.48% |
| 05743 | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Benson, Vermont
In Benson, 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 Rutland 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 Benson, 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 Benson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Benson is $3,740 in the 05743 zip code, while the lowest median tax bill is $1,821 in the 05731 zip code.
Average Benson Assessed Value
$155,250
Average Rutland County Assessed Value
$162,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benson, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05731 | $15,720 | $30,900 | $78,800 | $95,700 | $150,720 |
| 05743 | $58,630 | $104,650 | $162,600 | $222,025 | $314,760 |
Source: Ownwell
Property Tax Bills Across Benson, Vermont
In Benson, Rutland County, VT, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property’s size, location, and market conditions. Homeowners in Benson face a range of tax bills, with the 25th percentile paying around $2,190 and the 75th percentile facing bills up to $5,022. The highest tax bills can reach up to $7,058, significantly impacting household budgets. Compared to the national median property tax rate of 0.99%, Benson's tax rates can result in higher-than-average bills. For instance, the median home price in Benson is $155,250, meaning the tax burden could be substantial for many residents. The highest median tax bill in the region is $3,740, while the lowest is $1,821, reflecting the variability in property values and tax assessments. This variability underscores the importance of accurate property assessments and the potential benefits of appealing over-assessed property values.
Average Benson Tax Bill
$3,515
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Benson, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05731 | $273 | $714 | $1,821 | $2,212 | $3,752 |
| 05743 | $1,338 | $2,406 | $3,740 | $5,099 | $7,098 |
Source: Ownwell