S Chittenden, Vermont Property Taxes
The median property tax rate in S Chittenden, VT is 2.20%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in S Chittenden, the typical annual property tax bill reaches $10,151, exceeding the national median of $2,690. Property taxes in S Chittenden 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 S Chittenden'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 S Chittenden 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
S Chittenden, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s S Chittenden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in S Chittenden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in S Chittenden 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 S Chittenden, Vermont
Property taxes in S Chittenden, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in S Chittenden is 1.90%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within S Chittenden set these rates annually, and they can vary significantly across different neighborhoods. Each year, S Chittenden 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 S Chittenden's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05701 zip code has the highest median property tax rate of 2.20%, while the same zip code also has the lowest median tax rate of 2.20%. Understanding how these areas compare with S Chittenden 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 S Chittenden Tax Rate
2.20%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across S Chittenden, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across S Chittenden, Vermont
In S Chittenden, 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 S Chittenden, 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 S Chittenden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05701 has both the highest and lowest median tax bills, both at $10,151.
Average S Chittenden Assessed Value
$461,600
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 S Chittenden, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $319,840 | $373,000 | $461,600 | $498,300 | $520,320 |
Source: Ownwell
Property Tax Bills Across S Chittenden, Vermont
In South Chittenden, Vermont, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and recent sales of comparable properties play a crucial role in determining the assessed value. The median home price in South Chittenden stands at $461,600, significantly influencing the property tax bill. Homeowners in South Chittenden can expect their property tax bills to vary, with the 25th percentile at $8,202 and the 75th percentile at $10,958. The 90th percentile tax bill reaches up to $11,442, reflecting the upper range of property taxes in the area. These figures are notably higher than the national median property tax rate of 0.99%, highlighting the relatively high property tax burden in this region. Higher property taxes can affect homeowners by increasing their annual housing costs, thereby influencing their overall financial planning and home affordability.
Average S Chittenden Tax Bill
$10,151
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across S Chittenden, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $7,033 | $8,202 | $10,151 | $10,958 | $11,442 |
Source: Ownwell