South Newfane, Vermont Property Taxes
The median property tax rate in South Newfane, VT is 2.26%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in South Newfane at $189,100, the typical annual property tax bill reaches $4,038, exceeding the national median of $2,690. Property taxes in South Newfane 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 South Newfane'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 Newfane or another part of Windham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Newfane, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$4,274
Ownwell’s South Newfane Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in South Newfane with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in South Newfane to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by Windham County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across South Newfane, Vermont
Property taxes in South Newfane, 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 Newfane is 2.26%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within South Newfane set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Newfane 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 Newfane's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05351 zip code has the highest median property tax rate of 2.26%, while the 05351 zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with South Newfane 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 South Newfane Tax Rate
2.26%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Newfane, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05351 | 2.04% | 2.04% | 2.26% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across South Newfane, Vermont
In South Newfane, 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 local 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 South Newfane, 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 South Newfane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,038 in the 05351 zip code, which is also the lowest median tax bill, highlighting a uniform tax landscape.
Average South Newfane Assessed Value
$189,100
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 South Newfane, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05351 | $89,680 | $140,375 | $189,100 | $250,400 | $340,820 |
Source: Ownwell
Property Tax Bills Across South Newfane, Vermont
In South Newfane, located in Windham County, VT, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the town's assessor and is meant to reflect the market value of your property. This value is then multiplied by the local tax rate to determine your annual property tax bill. Several factors influence the assessed value, including the size of your property, its location, and any improvements or renovations made. For example, a median home price in South Newfane is $189,100. Homeowners in this area see tax bills ranging widely, with the 25th percentile at $3,030 and the 75th percentile reaching $5,381. The highest median tax bill in Windham County is $4,038, which is significantly higher than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Homeowners need to budget for these expenses, as they can significantly impact the overall cost of owning a home in South Newfane.
Average South Newfane Tax Bill
$4,038
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across South Newfane, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05351 | $1,880 | $3,030 | $4,038 | $5,381 | $7,320 |
Source: Ownwell