Highgate, Vermont Property Taxes
The median property tax rate in Highgate, VT is 2.01%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Highgate, the typical annual property tax bill reaches $2,916, exceeding the national median of $2,690. Property taxes in Highgate 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 Highgate'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 Highgate 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
Highgate, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$2,910
Ownwell’s Highgate Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Highgate with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Highgate to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, making financial planning easier. For those interested in more granular insights, you can scroll down for localized neighborhood trends. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Highgate, Vermont
Property taxes in Highgate, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highgate is 2.01%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Highgate set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highgate 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. For comparison, the zip code 05459 has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Highgate 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 Highgate Tax Rate
2.01%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highgate, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Highgate, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Highgate, 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 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. In Highgate, 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. For instance, in Highgate, the highest and lowest median tax bills are both $2,916 in the zip code 05459, which is notably above the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Highgate Assessed Value
$144,800
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 Highgate, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | $77,400 | $101,300 | $144,800 | $241,600 | $307,740 |
Source: Ownwell
Property Tax Bills Across Highgate, Vermont
In Highgate, located in Franklin 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 the local assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Highgate, the median home price stands at $144,800. Tax bills can vary significantly within the area; for example, the 25th percentile tax bill is $2,040, while the 75th percentile tax bill reaches $4,866. At the 90th percentile, homeowners might see tax bills as high as $6,198. Compared to the national median property tax rate of 0.99%, Highgate's rates can result in relatively higher tax bills, affecting homeowners' annual expenses. Understanding these factors can help property owners better anticipate their financial obligations and plan accordingly.
Average Highgate Tax Bill
$2,916
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Highgate, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05459 | $1,559 | $2,040 | $2,916 | $4,866 | $6,198 |
Source: Ownwell