Wheelock, Vermont Property Taxes
The median property tax rate in Wheelock, VT is 2.28%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Wheelock at $63,600, the typical annual property tax bill reaches $1,840, which is below the national median of $2,690. Property taxes in Wheelock are calculated based on the assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wheelock'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 Wheelock or another part of Caledonia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wheelock, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,450
Ownwell’s Wheelock Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wheelock with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Wheelock to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Wheelock, Vermont
Property taxes in Wheelock, Vermont, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheelock is 2.28%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Wheelock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheelock 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 Wheelock's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05851 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Wheelock 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 Wheelock Tax Rate
2.28%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheelock, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05851 | 2.28% | 2.28% | 2.28% | 2.28% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Wheelock, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wheelock, 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 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. In Wheelock, 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 Wheelock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median property tax bill in the area is $1,840, with the highest and lowest median tax bills both found in the 05851 zip code.
Average Wheelock Assessed Value
$63,600
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 Wheelock, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05851 | $29,260 | $42,900 | $63,600 | $96,700 | $171,200 |
Source: Ownwell
Property Tax Bills Across Wheelock, Vermont
Property tax bills in Wheelock, Caledonia County, VT, are calculated based on the assessed value of your property and the local tax rate. The assessed value is determined by local assessors who evaluate the market value of your home and then apply an assessment ratio. This ratio ensures that the assessed value reflects a percentage of the market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate your annual property tax bill. In Wheelock, homeowners experience a range of property tax bills. For instance, the tax bill at the 25th percentile is approximately $1,128, while at the 75th percentile, it reaches around $2,290. The 90th percentile sees tax bills as high as $4,073. These property tax bills can significantly impact homeowners, influencing both monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Wheelock highlight the importance of understanding local tax obligations and planning accordingly.
Average Wheelock Tax Bill
$1,840
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheelock, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05851 | $688 | $1,128 | $1,840 | $2,290 | $4,073 |
Source: Ownwell