Rutland Town, Vermont Property Taxes
The median property tax rate in Rutland Town, VT is 1.74%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Rutland Town, the typical annual property tax bill reaches $2,316, slightly below the national median of $2,690. Property taxes in Rutland Town 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 Rutland Town’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 Rutland Town 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
Rutland Town, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$2,316
Ownwell’s Rutland Town Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rutland Town with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rutland Town 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 Rutland Town, Vermont
Property taxes in Rutland Town, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rutland Town is 1.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rutland Town set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rutland Town 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 Rutland Town's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05736 has the highest median property tax rate of 1.74%, while zip code 05701 has the lowest median tax rate of 1.74%. Understanding how these areas compare with Rutland Town 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 Rutland Town Tax Rate
1.74%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rutland Town, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
| 05736 | 1.74% | 1.74% | 1.74% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Rutland Town, Vermont
In Rutland Town, 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 local authorities 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 Rutland Town, 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 Rutland Town helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,040 in zip code 05736, while the lowest is $2,118 in zip code 05701.
Average Rutland Town Assessed Value
$133,100
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 Rutland Town, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $90,350 | $103,175 | $121,700 | $133,875 | $135,270 |
| 05736 | $174,700 | $174,700 | $174,700 | $174,700 | $174,700 |
Source: Ownwell
Property Tax Bills Across Rutland Town, Vermont
Property tax bills in Rutland Town, located in Rutland County, VT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local assessors who evaluate the market value of a home. This value is then multiplied by the local tax rate to determine the annual tax bill. In Rutland Town, the median home price is $133,100. Homeowners in the 25th percentile can expect to pay around $1,919 in property taxes, while those in the 75th percentile might see bills closer to $2,370. For those at the 90th percentile, tax bills can reach up to $2,772. Comparatively, the national median property tax rate is 0.99%, which helps put these figures into perspective. The highest median tax bill in the area is $3,040 in the 05736 zip code, whereas the lowest is $2,118 in the 05701 zip code. These tax bills can significantly impact homeowners, influencing both their annual budgets and long-term financial planning.
Average Rutland Town Tax Bill
$2,316
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Rutland Town, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $1,572 | $1,795 | $2,118 | $2,330 | $2,354 |
| 05736 | $3,040 | $3,040 | $3,040 | $3,040 | $3,040 |
Source: Ownwell