Moretown, Vermont Property Taxes
The median property tax rate in Moretown, VT is 1.96%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Moretown at $274,000, the typical annual property tax bill reaches $5,952, exceeding the national median of $2,690. Property taxes in Moretown 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 Moretown'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 Moretown 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
Moretown, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$5,370
Ownwell’s Moretown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moretown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moretown 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 Moretown, Vermont
Property taxes in Moretown, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Moretown is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within Moretown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moretown 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 Moretown's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05660 zip code has both the highest and lowest median property tax rate of 1.96%. Understanding how these cities compare with Moretown provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Moretown Tax Rate
1.96%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moretown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05660 | 1.96% | 1.96% | 1.96% | 1.96% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Moretown, Vermont
In Moretown, 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 Washington 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 Moretown, 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 Moretown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 05660, with a value of $5,952, while the lowest median tax bill is also in zip code 05660, with the same value of $5,952.
Average Moretown Assessed Value
$274,000
Average Washington County Assessed Value
$205,330
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Moretown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05660 | $111,600 | $189,450 | $274,000 | $376,350 | $512,580 |
Source: Ownwell
Property Tax Bills Across Moretown, Vermont
Property tax bills in Moretown, Washington County, VT, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is evaluated periodically by local assessors. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Moretown is $274,000. Homeowners in the 25th percentile can expect a tax bill around $4,367, while those in the 75th percentile might see bills as high as $8,188. At the 90th percentile, tax bills can reach up to $11,667. These property taxes significantly impact homeowners, contributing to public services like schools, infrastructure, and emergency services, thereby enhancing community living standards. Compared to the national median property tax rate of 0.99%, Moretown's rates are notably higher, reflecting the local government's funding needs and priorities.
Average Moretown Tax Bill
$5,952
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Moretown, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05660 | $2,811 | $4,367 | $5,952 | $8,188 | $11,667 |
Source: Ownwell