Fairfax, Vermont Property Taxes
The median property tax rate in Fairfax, Vermont is 0.49%, significantly lower than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Fairfax at $311,100, the typical annual property tax bill is $1,413, which is well below the national median of $2,690. Property taxes in Fairfax 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 Fairfax'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 Fairfax 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
Fairfax, 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 Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Vermont
Property taxes in Fairfax, Vermont, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 0.49%, which is significantly lower than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05454 has both the highest and lowest median property tax rate of 0.49%. Understanding how these areas compare with Fairfax provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfax Tax Rate
0.49%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05454 | 0.13% | 0.36% | 0.49% | 0.55% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Vermont
In Fairfax, 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 Franklin 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fairfax are both $1,413 in the 05454 zip code.
Average Fairfax Assessed Value
$311,100
Average Franklin County Assessed Value
$195,300
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfax, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05454 | $190,120 | $245,600 | $311,100 | $381,100 | $468,160 |
Source: Ownwell
Property Tax Bills Across Fairfax, Vermont
In Fairfax, 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 the town's assessor and is intended to reflect the fair market value of the property. Fairfax homeowners face a median property tax rate of 0.99%, which aligns with the national median. For a median home price of $311,100, homeowners can expect to pay around $3,080 annually in property taxes. Several factors influence the final tax bill, including property improvements, market conditions, and any applicable exemptions. The tax bill can vary significantly within the city; for instance, the 25th percentile tax bill is $990, while the 75th percentile tax bill reaches $1,955, and the 90th percentile tax bill is $2,399. These variations highlight the impact of property value changes and local tax policies on individual homeowners. Understanding these factors is crucial for homeowners planning their finances and considering potential property investments in Fairfax.
Average Fairfax Tax Bill
$1,413
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05454 | $336 | $990 | $1,413 | $1,955 | $2,399 |
Source: Ownwell