Reading, Vermont Property Taxes
The median property tax rate in Reading, VT is 3.47%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Reading, the typical annual property tax bill reaches $6,469, exceeding the national median of $2,690. Property taxes in Reading 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 Reading'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 Reading 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
Reading, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.47%
Estimate Property Tax Bill
$7,103
Ownwell’s Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reading 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 Reading, Vermont
Property taxes in Reading, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reading is 3.47%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reading 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 Reading's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05062 has both the highest and lowest median property tax rate at 3.47%. Understanding how these areas compare with Reading provides valuable insights into the varying tax landscape across Windsor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reading Tax Rate
3.47%
Average Windsor County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05062 | 2.17% | 3.47% | 3.47% | 3.47% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across Reading, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reading, Vermont. 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 Windsor County 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 Reading, 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 Reading 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 in Windsor County is 05062, with a median tax bill of $6,469.
Average Reading Assessed Value
$204,700
Average Windsor County Assessed Value
$205,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05062 | $75,860 | $135,600 | $204,700 | $354,100 | $565,660 |
Source: Ownwell
Property Tax Bills Across Reading, Vermont
In Reading, Vermont, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $204,700. Homeowners in Reading face a property tax rate that results in a median tax bill of $6,469, which is significantly higher than the national median property tax rate of 0.99%. The tax bill can vary widely, with the 25th percentile at $4,226 and the 75th percentile reaching $10,589. At the 90th percentile, homeowners might see tax bills as high as $19,182. Several factors influence the property tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. Higher property values and tax rates directly increase the tax burden on homeowners. This substantial tax obligation can impact homeowners' financial planning and overall cost of living in Reading. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses accurately.
Average Reading Tax Bill
$6,469
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05062 | $2,443 | $4,226 | $6,469 | $10,589 | $19,182 |
Source: Ownwell