Bennington, Vermont Property Taxes
The median property tax rate in Bennington, VT is 3.05%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Bennington, the typical annual property tax bill reaches $3,963, exceeding the national median of $2,690. Property taxes in Bennington 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 Bennington'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 Bennington 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
Bennington, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.05%
Estimate Property Tax Bill
$4,072
Ownwell’s Bennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennington 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 Bennington, Vermont
Property taxes in Bennington, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 3.05%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05201 zip code has the highest median property tax rate of 3.05%, while the same zip code also has the lowest median tax rate of 3.05%. Understanding how these cities compare with Bennington provides valuable insights into the varying tax landscape across Bennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
3.05%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | 3.05% | 3.05% | 3.05% | 3.05% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Vermont
In Bennington, 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 local 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 Bennington, 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. The median home price in Bennington is $133,500, with the highest and lowest median tax bills both being $3,963 in the 05201 zip code. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bennington Assessed Value
$133,500
Average Bennington County Assessed Value
$189,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | $49,770 | $101,575 | $133,500 | $172,125 | $243,660 |
Source: Ownwell
Property Tax Bills Across Bennington, Vermont
In Bennington, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town’s assessors, who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $133,500, homeowners can expect varying tax bills depending on their property's specific valuation and applicable exemptions. The 25th percentile of tax bills in Bennington is around $3,008, while the 75th percentile reaches approximately $5,080. The top 10% of property tax bills can climb as high as $7,025, reflecting the significant impact of property value assessments on tax obligations. Compared to the national median property tax rate of 0.99%, Bennington’s rates can be considerably higher, affecting homeowners by increasing their annual housing costs. This higher tax burden underscores the importance of accurate property assessments and potential appeal processes to ensure fair taxation.
Average Bennington Tax Bill
$3,963
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | $1,387 | $3,008 | $3,963 | $5,080 | $7,025 |
Source: Ownwell