Derby, Vermont Property Taxes
The median property tax rate in Derby, VT is 1.73%, considerably higher than the national median of 0.99%, but lower than the Vermont state median of 2.11%. With the median home value in Derby at $26,800, the typical annual property tax bill reaches $464, significantly below the national median of $2,690. Property taxes in Derby 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 Derby'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 Derby 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
Derby, 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 Derby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derby 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 Derby, Vermont
Property taxes in Derby, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby is 1.73%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Derby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby 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 Derby's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05829 has both the highest and lowest median property tax rate of 1.73%. Understanding how these areas compare with Derby provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Derby Tax Rate
1.73%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Derby, Vermont
In Derby, 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 Essex 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 Derby, 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 Derby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Derby, the zip code 05829 has the highest and lowest median tax bill, both at $464. This is significantly lower than the national median property tax rate of 0.99%. The median home price in Derby is $26,800, making it essential for homeowners to stay informed and proactive about their property tax assessments.
Average Derby Assessed Value
$26,800
Average Essex County Assessed Value
$115,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | $26,800 | $26,800 | $26,800 | $26,800 | $26,800 |
Source: Ownwell
Property Tax Bills Across Derby, Vermont
In Derby, VT, property tax bills are calculated based on the assessed value of a property, which reflects its market value. The local tax rate, known as the mill rate, is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $26,800, homeowners in Derby can expect a median property tax bill around $464. This figure remains consistent across different percentiles, indicating a uniform tax rate in the area. Several factors influence the assessed value, including property size, location, and condition. Additionally, local government budgets and school funding requirements play a significant role in setting the mill rate. Homeowners in Derby benefit from relatively low property taxes compared to the national median property tax rate of 0.99%. This lower tax burden can make owning a home in Derby more affordable, potentially attracting new residents and contributing to the community's growth and stability.
Average Derby Tax Bill
$464
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | $464 | $464 | $464 | $464 | $464 |
Source: Ownwell