South Reading, Vermont Property Taxes
The median property tax rate in South Reading, VT is 3.47%, significantly higher than both the national median of 0.99% and Vermont's state median of 2.11%. With a median home value of $80,000 in South Reading, the typical annual property tax bill reaches $2,779, which is just below the national median of $2,690. Property taxes in South Reading are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding South 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 South Reading or another part of Windsor County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Reading, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s South Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Reading, Vermont
Property taxes in South 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 South 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 South Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Reading's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05153 zip code has the highest median property tax rate of 3.47%, while the same zip code also has the lowest median tax rate of 3.47%. Understanding how these cities compare with South 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 South 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 South Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05153 | 3.47% | 3.47% | 3.47% | 3.47% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across South Reading, Vermont
In South Reading, 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 Windsor 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 South 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 South Reading helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2779, found in the 05153 zip code.
Average South Reading Assessed Value
$80,000
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 South Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05153 | $80,000 | $80,000 | $80,000 | $80,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across South Reading, Vermont
In South Reading, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area is $80,000, and the property tax rate is applied to this assessed value to determine the tax bill. The tax bill in South Reading is notably higher than the national median property tax rate of 0.99%, with the median tax bill amounting to $2,779. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in South Reading should be aware that their tax bill will directly impact their annual expenses, making it essential to understand how these taxes are calculated. The consistency in tax bills, as seen in the 25th, 75th, and 90th percentiles all being $2,779, indicates a uniform assessment approach in the area. This uniformity can help homeowners predict their tax liabilities more accurately and plan their finances accordingly.
Average South Reading Tax Bill
$2,779
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across South Reading, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05153 | $2,779 | $2,779 | $2,779 | $2,779 | $2,779 |
Source: Ownwell