Wolcott, Vermont Property Taxes
The median property tax rate in Wolcott, VT is 2.99%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $153,300 in Wolcott, the typical annual property tax bill reaches $4,590, far exceeding the national median of $2,690. Property taxes in Wolcott 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 Wolcott'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 Wolcott 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
Wolcott, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$4,584
Ownwell’s Wolcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolcott 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 Wolcott, Vermont
Property taxes in Wolcott, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolcott is 1.88%, higher than both the Vermont state median of 1.76% and the U.S. national median of 0.99%. Local government entities within Wolcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolcott 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 Wolcott's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05680 zip code has the highest median property tax rate of 1.88%, while the 05680 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Wolcott 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 Wolcott Tax Rate
2.99%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolcott, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05680 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Wolcott, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wolcott, 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 Wolcott, 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 Wolcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Wolcott, the zip code 05680 has both the highest and lowest median tax bills at $4,590.
Average Wolcott Assessed Value
$153,300
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 Wolcott, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05680 | $119,300 | $132,050 | $153,300 | $184,450 | $203,140 |
Source: Ownwell
Property Tax Bills Across Wolcott, Vermont
In Wolcott, VT, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, adjusted periodically to reflect changes in the real estate market. Several factors are considered in this calculation, including the size, location, and condition of the property. For homeowners in Wolcott, the property tax rate significantly impacts their annual tax bills. For example, with a median home price of $153,300, residents might expect to pay anywhere from $3,954 at the 25th percentile to $6,082 at the 90th percentile in property taxes. These figures are notably higher compared to the national median property tax rate of 0.99%, highlighting the importance of accurate assessments and potential appeals. High property tax bills can affect homeowners by increasing their annual financial obligations, potentially influencing decisions on property investments and homeownership affordability in the region.
Average Wolcott Tax Bill
$4,590
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolcott, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05680 | $3,572 | $3,954 | $4,590 | $5,522 | $6,082 |
Source: Ownwell