Barnet, Vermont Property Taxes
The median property tax rate in Barnet, VT is 2.15%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Barnet, the typical annual property tax bill reaches $4,032, exceeding the national median of $2,690. Property taxes in Barnet 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 Barnet'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 Barnet 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
Barnet, 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 Barnet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnet 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 Barnet, Vermont
Property taxes in Barnet, Vermont, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnet stands at 2.15%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Barnet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnet 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 Barnet's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05821 has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these areas compare with Barnet provides valuable insights into the varying tax landscape across Caledonia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnet Tax Rate
2.15%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnet, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05819 | N/A | N/A | N/A | N/A | N/A |
| 05821 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Barnet, Vermont
In Barnet, 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 Caledonia 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 Barnet 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 in Barnet is 05821, with a median tax bill of $4,032.
Average Barnet Assessed Value
$167,100
Average Caledonia County Assessed Value
$151,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnet, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05819 | N/A | N/A | N/A | N/A | N/A |
| 05821 | $38,280 | $109,050 | $167,000 | $245,850 | $336,840 |
Source: Ownwell
Property Tax Bills Across Barnet, Vermont
Property tax bills in Barnet, located in Caledonia County, VT, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. Barnet's property tax rate is influenced by various factors, including local government budgets, school funding needs, and public services. Homeowners in Barnet face a range of property tax bills. For instance, the 25th percentile of tax bills is $2,945, while the 75th percentile reaches $5,483. At the 90th percentile, some homeowners pay as much as $9,268. This variation is significant compared to the national median property tax rate of 0.99%. The median home price in Barnet is $167,100, which, when combined with local tax rates, determines the final tax bill. These property taxes directly impact homeowners by influencing their overall housing costs and potentially affecting their ability to buy or sell property. Understanding these factors helps homeowners better plan for their financial responsibilities.
Average Barnet Tax Bill
$4,032
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnet, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05819 | N/A | N/A | N/A | N/A | N/A |
| 05821 | $1,714 | $2,945 | $4,032 | $5,483 | $9,268 |
Source: Ownwell