South Chittenden, Vermont Property Taxes
The median property tax rate in South Chittenden, VT is 2.20%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in South Chittenden, the typical annual property tax bill reaches $22,179, far exceeding the national median of $2,690. Property taxes in South Chittenden are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South 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 South 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
South Chittenden, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$22,187
Ownwell’s SOUTH CHITTENDEN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOUTH CHITTENDEN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOUTH 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 South Chittenden, Vermont
Property taxes in South 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 South Chittenden is 1.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Chittenden set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Chittenden's effective property tax rate to other counties in Vermont and the national median. For comparison, the highest median property tax rate in Vermont is 2.02% in zip code 05401, while the lowest median tax rate is 1.63% in zip code 05478. Understanding how these cities compare with South Chittenden provides valuable insights into the varying tax landscape across Chittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South 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 South 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 South Chittenden, Vermont
In South 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. 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. In South Chittenden, the highest and lowest median tax bills are both found in the 05701 zip code, with values of $22,179. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Chittenden, Vermont
Source: Ownwell
$78,800
$543,650
$1,008,500
Average South Chittenden Assessed Value
$1,008,500
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 South Chittenden, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $1,008,500 | $1,008,500 | $1,008,500 | $1,008,500 | $1,008,500 |
Source: Ownwell
Property Tax Bills Across South Chittenden, Vermont
In South Chittenden, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property to estimate its market value. This value is then multiplied by the tax rate set by the city to calculate the annual tax bill. For example, with a median home price of $1,008,500, the tax bill in South Chittenden is notably higher than the national median property tax rate of 0.99%. The tax bill in South Chittenden remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $22,179. This uniformity indicates a stable tax rate applied to properties within the region. Homeowners in South Chittenden should be aware that their property taxes are a significant expense, reflecting the high property values in the area. This can impact overall affordability and should be factored into long-term financial planning.
Average South Chittenden Tax Bill
$22,179
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across South Chittenden, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $22,179 | $22,179 | $22,179 | $22,179 | $22,179 |
Source: Ownwell