Grafton, Vermont Property Taxes
The median property tax rate in Grafton, VT is 2.38%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Grafton at $238,100, the typical annual property tax bill reaches $5,494, exceeding the national median of $2,690. Property taxes in Grafton 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 Grafton'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 Grafton 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
Grafton, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$5,667
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Vermont
Property taxes in Grafton, Vermont, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05146 zip code has the highest median property tax rate of 1.86%, while the 05146 zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Grafton provides valuable insights into the varying tax landscape across Windham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
2.38%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05146 | 1.82% | 2.10% | 2.38% | 2.70% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Vermont
In Grafton, 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 Windham 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Windham County is $5,494 in the zip code 05146, while the lowest median tax bill is also $5,494 in the same zip code.
Average Grafton Assessed Value
$238,100
Average Windham County Assessed Value
$195,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05146 | $65,380 | $127,200 | $238,100 | $347,200 | $512,540 |
Source: Ownwell
Property Tax Bills Across Grafton, Vermont
In Grafton, 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 and reflects the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $238,100 in Grafton, homeowners can expect varying tax bills depending on their property's specific assessed value and the local tax rate. Several factors influence the assessed value, including property size, location, and condition. In Grafton, the property tax bills range significantly, with the 25th percentile at $3,219, the 75th percentile at $8,309, and the 90th percentile reaching $11,985. This variation shows how different factors can impact the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Grafton's property tax bills reflect the local economic conditions and property values, affecting homeowners' annual financial responsibilities.
Average Grafton Tax Bill
$5,494
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05146 | $1,676 | $3,219 | $5,494 | $8,309 | $11,985 |
Source: Ownwell