Leicester, Vermont Property Taxes
The median property tax rate in Leicester, VT is 1.90%, which is significantly higher than the national median of 0.99% but slightly lower than the Vermont state median of 2.11%. With a median home value of $197,000, the typical annual property tax bill in Leicester reaches $3,742, surpassing the national median of $2,690. Property taxes in Leicester are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Leicester'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 Leicester or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leicester, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$3,743
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, Vermont
Property taxes in Leicester, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 1.90%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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. Understanding how Leicester's effective property tax rate compares to other areas in Addison County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Leicester Tax Rate
1.90%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, Vermont
In Leicester, 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 Addison 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 Leicester, 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. Leicester's property tax bills range significantly, with the highest median tax bill being $3735 in zip code 05733. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leicester Assessed Value
$197,000
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 Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | $76,010 | $121,150 | $196,100 | $310,675 | $441,470 |
Source: Ownwell
Property Tax Bills Across Leicester, Vermont
In Leicester, located in Addison County, VT, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and market conditions. For example, Leicester's median home price is $197,000. Homeowners in Leicester can expect their tax bills to vary significantly, with the 25th percentile at $2,315 and the 75th percentile at $5,900. The tax bill for the 90th percentile reaches up to $8,370, highlighting the range of property tax obligations within the area. These tax bills directly impact homeowners by affecting their annual financial obligations. Compared to the national median property tax rate of 0.99%, Leicester's property taxes can be relatively high, influencing both the affordability and attractiveness of homeownership in the area.
Average Leicester Tax Bill
$3,742
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | $1,455 | $2,311 | $3,735 | $5,893 | $8,374 |
Source: Ownwell