Lemington, Vermont Property Taxes
The median property tax rate in Lemington, VT is 1.88%, 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 Lemington at $111,100, the typical annual property tax bill reaches $2,529, slightly below the national median of $2,690. Property taxes in Lemington 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 Lemington'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 Lemington 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
Lemington, 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 Lemington Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lemington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lemington to provide an estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Lemington, Vermont
Property taxes in Lemington, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lemington is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lemington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lemington 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 Lemington's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05903 has the highest median property tax rate of 1.88%, which is the same as Lemington's rate. Understanding how these areas compare with Lemington 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 Lemington Tax Rate
1.88%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lemington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Lemington, Vermont
In Lemington, 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 Lemington, 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 Lemington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lemington is $2,529, found in the 05903 zip code.
Average Lemington Assessed Value
$111,100
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 Lemington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | $70,580 | $86,400 | $111,100 | $168,600 | $276,720 |
Source: Ownwell
Property Tax Bills Across Lemington, Vermont
In Lemington, Essex County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. The tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, the median home price in Lemington is $111,100. Several factors influence the tax bill, including property size, location, and any improvements made to the home. Tax bills can vary significantly; for example, the 25th percentile tax bill is $1,817, while the 75th percentile reaches $3,094, and the 90th percentile can be as high as $3,911. Compared to the national median property tax rate of 0.99%, homeowners in Lemington may find their tax bills to be relatively high, impacting their overall cost of living. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Lemington Tax Bill
$2,529
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Lemington, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | $1,444 | $1,817 | $2,529 | $3,094 | $3,911 |
Source: Ownwell