Northfield Fl, Vermont Property Taxes
The median property tax rate in Northfield, VT is 2.84%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Northfield at $174,900, the typical annual property tax bill reaches $4,974, far exceeding the national median of $2,690. Property taxes in Northfield 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 Northfield'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 Northfield 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
Northfield Fl, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$4,967
Ownwell’s Northfield FL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northfield FL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northfield FL 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 Northfield Fl, Vermont
Property taxes in Northfield, VT, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northfield is 2.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Northfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northfield 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 Northfield's effective property tax rate to other areas in Washington County and the national median. For comparison, the 05664 zip code has both the highest and lowest median property tax rate of 2.84%. Understanding how these areas compare with Northfield 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 Northfield Fl Tax Rate
2.84%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northfield Fl, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05664 | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Northfield Fl, Vermont
In Northfield, 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 Northfield, 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. Notably, the median home price in Northfield is $174,900, with the highest and lowest median tax bills both recorded at $4,974 in the 05664 zip code. 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 Northfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northfield Fl Assessed Value
$174,900
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 Northfield Fl, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05664 | $174,900 | $174,900 | $174,900 | $174,900 | $174,900 |
Source: Ownwell
Property Tax Bills Across Northfield Fl, Vermont
In Northfield, VT, property tax bills are calculated based on the assessed value of a home. The median home price in Northfield is $174,900, and the property tax rate is applied to this assessed value to determine the annual tax bill. The assessed value is determined by local assessors who consider factors such as the home's market value, location, and any improvements made to the property. Homeowners in Northfield can expect a median property tax bill of $4,974, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can be attributed to the local policies and funding requirements for public services such as schools, infrastructure, and emergency services. For homeowners, this means that while they benefit from well-funded local amenities, they also face a relatively high property tax burden. Understanding how these taxes are calculated can help homeowners plan their finances and consider potential tax appeal or exemption opportunities.
Average Northfield Fl Tax Bill
$4,974
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Northfield Fl, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05664 | $4,974 | $4,974 | $4,974 | $4,974 | $4,974 |
Source: Ownwell