Wilmington, Vermont Property Taxes
The median property tax rate in Wilmington, VT is 10.23%, significantly higher than both the national median of 0.99% and Vermont's state median of 2.11%. With the median home value in Wilmington at $117,100, the typical annual property tax bill reaches $4,286, which far exceeds the national median of $2,690. Property taxes in Wilmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wilmington'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 Wilmington 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
Wilmington, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
10.23%
Estimate Property Tax Bill
$11,979
Ownwell’s Wilmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmington 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 Wilmington, Vermont
Property taxes in Wilmington, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmington is 10.23%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Wilmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmington 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 Wilmington's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05363 zip code has the highest median property tax rate of 10.23%, while the same zip code also has the lowest median tax rate of 10.23%. Understanding how these cities compare with Wilmington 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 Wilmington Tax Rate
10.23%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05363 | 6.06% | 8.35% | 10.23% | 11.18% | 11.79% |
Source: Ownwell
Property Tax Assessment Values Across Wilmington, Vermont
In Wilmington, 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 Bennington 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. 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 Wilmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 05363, with a value of $4,286, which is significantly higher than the national median property tax rate of 0.99%.
Average Wilmington Assessed Value
$117,100
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 Wilmington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05363 | $39,060 | $66,800 | $117,100 | $182,500 | $255,060 |
Source: Ownwell
Property Tax Bills Across Wilmington, Vermont
In Wilmington, VT, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as the property's location, size, and condition are considered during the assessment process. Homeowners in Wilmington face varying tax bills, with the 25th percentile paying around $3,987, the 75th percentile paying approximately $4,526, and the 90th percentile reaching up to $4,950. Compared to the national median property tax rate of 0.99%, Wilmington's rates reflect the unique economic and community factors of Bennington County. The highest and lowest median tax bills in Wilmington are both $4,286, indicating a consistent tax burden across different properties. These tax bills significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding how these taxes are calculated can help homeowners better anticipate their annual expenses and manage their budgets effectively.
Average Wilmington Tax Bill
$4,286
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05363 | $3,457 | $3,987 | $4,286 | $4,526 | $4,950 |
Source: Ownwell