Dorset, Vermont Property Taxes
The median property tax rate in Dorset, VT is 0.95%, slightly lower than the national median of 0.99% and significantly below the Vermont state median of 2.11%. With the median home value in Dorset at $414,065, the typical annual property tax bill reaches $3,250, which is above the national median of $2,690. Property taxes in Dorset are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dorset'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 Dorset or another part of Bennington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dorset, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,934
Ownwell’s Dorset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dorset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dorset 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 Dorset, Vermont
Property taxes in Dorset, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dorset is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Dorset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dorset 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 Dorset's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05251 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Dorset 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 Dorset Tax Rate
0.95%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dorset, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05251 | 0.13% | 0.51% | 0.95% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Dorset, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dorset, Vermont. 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 Dorset, 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 Dorset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dorset is $414,065, with tax bills ranging from $1,513 at the 25th percentile to $8,795 at the 90th percentile. The highest and lowest median tax bills are both $3,250 in zip code 05251.
Average Dorset Assessed Value
$414,065
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 Dorset, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05251 | $182,734 | $278,022 | $414,065 | $647,522 | $979,565 |
Source: Ownwell
Property Tax Bills Across Dorset, Vermont
In Dorset, located in Bennington County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual tax bill. For a median home price of $414,065, homeowners can expect varying tax bills depending on their property's specific assessment and the local tax rate. Factors influencing the tax bill include the property's location, size, and condition, as well as any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is around $1,513, while it rises to $5,475 at the 75th percentile, and reaches up to $8,795 at the 90th percentile. The highest and lowest median tax bills in Dorset are both $3,250, indicating a consistent tax rate across different properties. These property taxes significantly impact homeowners, as they represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, Dorset's rates can vary widely, affecting affordability and financial planning for residents.
Average Dorset Tax Bill
$3,250
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Dorset, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05251 | $180 | $1,513 | $3,250 | $5,475 | $8,795 |
Source: Ownwell