Craftsbury, Vermont Property Taxes
The median property tax rate in Craftsbury, VT is 2.37%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Craftsbury at $255,600, the typical annual property tax bill reaches $6,060, significantly exceeding the national median of $2,690. Property taxes in Craftsbury 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 Craftsbury'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 Craftsbury 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
Craftsbury, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.37%
Estimate Property Tax Bill
$6,058
Ownwell’s Craftsbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craftsbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craftsbury 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 Craftsbury, Vermont
Property taxes in Craftsbury, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craftsbury is 2.37%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Craftsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craftsbury 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 Craftsbury's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05826 zip code has both the highest and lowest median property tax rate of 2.37%. Understanding how these cities compare with Craftsbury provides valuable insights into the varying tax landscape across Lamoille County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craftsbury Tax Rate
2.37%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | 1.88% | 2.37% | 2.37% | 2.37% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Craftsbury, Vermont
In Craftsbury, 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 Lamoille 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 Craftsbury, 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. For example, the median home price in Craftsbury is $255,600, and the median tax bills range widely. The 25th percentile tax bill is $5,214, while the 75th percentile tax bill is $10,080. 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 Craftsbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craftsbury Assessed Value
$255,600
Average Lamoille County Assessed Value
$219,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | $131,400 | $219,900 | $255,600 | $647,440 | $668,536 |
Source: Ownwell
Property Tax Bills Across Craftsbury, Vermont
Property tax bills in Craftsbury, located in Lamoille County, VT, are determined by assessing the market value of a property and applying the local tax rate to this assessed value. The median home price in Craftsbury is $255,600, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in Craftsbury can expect varying tax bills depending on their property's assessed value. For instance, those in the 25th percentile face tax bills around $5,214, while those in the 75th percentile might see bills as high as $10,080. At the 90th percentile, tax bills can reach up to $13,742. The highest and lowest median tax bills in the area are both recorded at $6,060 for the zip code 05826. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors as they significantly influence their annual financial obligations.
Average Craftsbury Tax Bill
$6,060
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | $3,116 | $5,214 | $6,060 | $10,080 | $13,742 |
Source: Ownwell