Middlebury, Vermont Property Taxes
The median property tax rate in Middlebury, VT is 2.39%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Middlebury, the typical annual property tax bill reaches $6,339, exceeding the national median of $2,690. Property taxes in Middlebury 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 Middlebury'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 Middlebury 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
Middlebury, 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 MIDDLEBURY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MIDDLEBURY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MIDDLEBURY 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 Middlebury, Vermont
Property taxes in Middlebury, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middlebury is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Middlebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middlebury 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 these cities compare with Middlebury 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 Middlebury Tax Rate
2.39%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05753 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Middlebury, Vermont
In Middlebury, 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 Middlebury, 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 Middlebury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Middlebury is $267,650, with the highest and lowest median tax bills both at $6,339 in zip code 05753. This is significantly higher than the national median property tax rate of 0.99%, highlighting the importance of understanding your property tax assessments.
Average Middlebury Assessed Value
$267,650
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 Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05753 | $158,540 | $210,150 | $267,650 | $345,925 | $433,910 |
Source: Ownwell
Property Tax Bills Across Middlebury, Vermont
In Middlebury, Addison County, VT, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $267,650, homeowners can expect varying tax bills depending on the assessed value and specific circumstances of their property. Factors such as property size, location, and improvements can influence the assessed value. In Middlebury, the 25th percentile tax bill is $4,976, while the 75th percentile is $8,219, and the 90th percentile reaches $10,095. These figures illustrate the range of what homeowners might pay, significantly impacting household budgets. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand these local nuances. The highest and lowest median tax bills in Middlebury are both $6,339, indicating a consistent tax environment within the zip code 05753.
Average Middlebury Tax Bill
$6,339
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05753 | $3,751 | $4,976 | $6,339 | $8,219 | $10,095 |
Source: Ownwell