Rochester, Vermont Property Taxes
The median property tax rate in Rochester, VT is 1.63%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Rochester, the typical annual property tax bill reaches $1,320, exceeding the national median of $2,690. Property taxes in Rochester 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 Rochester'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 Rochester 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
Rochester, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$1,479
Ownwell’s Rochester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Vermont
Property taxes in Rochester, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 1.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05767 zip code has both the highest and lowest median property tax rate of 1.63%. Understanding how these cities compare with Rochester 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 Rochester Tax Rate
1.63%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05767 | 1.25% | 1.39% | 1.63% | 1.68% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Vermont
In Rochester, 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 Rochester, 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 Rochester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rochester’s zip code 05767 are both $1,320, providing a clear picture of the local property tax landscape.
Average Rochester Assessed Value
$90,750
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 Rochester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05767 | $46,150 | $48,050 | $90,750 | $238,375 | $297,850 |
Source: Ownwell
Property Tax Bills Across Rochester, Vermont
Property tax bills in Rochester, Rutland County, Vermont, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically updated to reflect changes in the real estate market. Several factors influence this valuation, including the property's size, location, and condition. For homeowners in Rochester, the median home price stands at $90,750. Property tax bills in this area can vary widely, with the 25th percentile tax bill at $800 and the 75th percentile reaching $3,829. At the higher end, the 90th percentile tax bill is $4,990. Comparatively, the national median property tax rate is 0.99%, which helps put these figures into perspective. These property tax bills significantly impact homeowners by affecting their annual housing costs. Higher assessed values and tax rates can lead to substantial tax bills, making it crucial for homeowners to stay informed about their property's assessed value and any potential exemptions or appeals they may qualify for.
Average Rochester Tax Bill
$1,320
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05767 | $680 | $800 | $1,320 | $3,829 | $4,990 |
Source: Ownwell