Ferrisburg, Vermont Property Taxes
The median property tax rate in Ferrisburg, VT is 1.88%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Ferrisburg at $308,100, the typical annual property tax bill reaches $5,802, exceeding the national median of $2,690. Property taxes in Ferrisburg 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 Ferrisburg'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 Ferrisburg 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
Ferrisburg, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$5,792
Ownwell’s Ferrisburg Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ferrisburg with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Ferrisburg to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed data at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Ferrisburg, Vermont
Property taxes in Ferrisburg, Vermont, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Ferrisburg is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ferrisburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ferrisburg 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 Ferrisburg's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05456 zip code has the highest median property tax rate of 1.88%, while the 05456 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Ferrisburg provides valuable insights into the varying tax landscape across Addison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ferrisburg Tax Rate
1.88%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ferrisburg, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05456 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Ferrisburg, Vermont
In Ferrisburg, 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 local appraisal authorities 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 Ferrisburg, 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 Ferrisburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $5802, found in zip code 05456.
Average Ferrisburg Assessed Value
$308,100
Average Addison County Assessed Value
$233,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ferrisburg, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05456 | $129,340 | $202,400 | $308,100 | $545,400 | $929,700 |
Source: Ownwell
Property Tax Bills Across Ferrisburg, Vermont
In Ferrisburg, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ferrisburg is $308,100. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Ferrisburg, property taxes can vary significantly. The tax bill at the 25th percentile is $3,811, while at the 75th percentile, it rises to $10,270. At the 90th percentile, homeowners may see tax bills as high as $17,506. The highest median tax bill recorded in Ferrisburg’s zip code 05456 is $5,802. These property taxes can have a notable impact on homeowners, influencing decisions on purchasing, selling, and maintaining properties. Compared to the national median property tax rate of 0.99%, Ferrisburg's property taxes reflect the local economic and market conditions, affecting overall affordability and financial planning for residents.
Average Ferrisburg Tax Bill
$5,802
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Ferrisburg, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05456 | $2,429 | $3,811 | $5,802 | $10,270 | $17,506 |
Source: Ownwell