Ira, Vermont Property Taxes
The median property tax rate in Ira, VT is 2.40%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Ira, the typical annual property tax bill reaches $2,406, slightly below the national median of $2,690. Property taxes in Ira 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 Ira'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 Ira 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
Ira, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,407
Ownwell’s IRA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRA 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 Ira, Vermont
Property taxes in IRA, Vermont, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in IRA is 1.85%, significantly higher than both the Vermont state median of 1.76% and the U.S. national median of 0.99%. Local government entities within IRA set these rates annually, and they can vary significantly across different neighborhoods. Each year, IRA 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 IRA's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05777 zip code has the highest median property tax rate of 1.85%, while the 05777 zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with IRA provides valuable insights into the varying tax landscape across Rutland, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ira Tax Rate
2.40%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ira, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05777 | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Ira, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ira, Vermont. 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 Ira, 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 Ira is $2,406 in the 05777 zip code, which is significantly above the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ira Assessed Value
$100,300
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 Ira, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05777 | $6,420 | $12,375 | $100,300 | $182,150 | $278,510 |
Source: Ownwell
Property Tax Bills Across Ira, Vermont
In IRA, located in Rutland County, VT, property tax bills are determined based on the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For homeowners in IRA, the median home price is $100,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $297 and the 75th percentile reaching $4,370. At the higher end, the 90th percentile tax bill is $6,681. This variation reflects differences in property values and assessments within the area. Comparatively, the highest and lowest median tax bills in Rutland County are both $2,406, indicating some uniformity in tax assessments within certain ZIP codes. Understanding these factors is crucial for homeowners as they directly impact annual expenses and overall financial planning.
Average Ira Tax Bill
$2,406
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Ira, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05777 | $154 | $297 | $2,406 | $4,370 | $6,681 |
Source: Ownwell