Lake Elmore, Vermont Property Taxes
The median property tax rate in Lake Elmore, VT is 2.15%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Lake Elmore at $295,200, the typical annual property tax bill reaches $6,350, exceeding the national median of $2,690. Property taxes in Lake Elmore 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 Lake Elmore'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 Lake Elmore 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
Lake Elmore, 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 Lake Elmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Elmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Elmore 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 Lake Elmore, Vermont
Property taxes in Lake Elmore, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Elmore is 2.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Elmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Elmore 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 Lake Elmore's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05657 has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Lake Elmore 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 Lake Elmore Tax Rate
2.15%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Lake Elmore, Vermont
In Lake Elmore, 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 Lake Elmore, 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. The median home price in Lake Elmore is $295,200, with tax bills ranging from $4,894 at the 25th percentile to $8,344 at the 75th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Elmore Assessed Value
$295,200
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 Lake Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | $117,830 | $227,525 | $295,200 | $387,925 | $412,190 |
Source: Ownwell
Property Tax Bills Across Lake Elmore, Vermont
In Lake Elmore, Lamoille 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 town's assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Lake Elmore can expect varying tax bills, with the 25th percentile at approximately $4,894 and the 75th percentile reaching up to $8,344. The highest median tax bill recorded in the area is $6,350. Compared to the national median property tax rate of 0.99%, the rates in Lake Elmore can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lake Elmore Tax Bill
$6,350
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Elmore, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05657 | $2,534 | $4,894 | $6,350 | $8,344 | $8,866 |
Source: Ownwell