Underhill, Vermont Property Taxes
The median property tax rate in Underhill, VT is 2.20%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Underhill at $245,300, the typical annual property tax bill reaches $5,399, far exceeding the national median of $2,690. Property taxes in Underhill 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 Underhill'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 Underhill 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
Underhill, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$5,397
Ownwell’s Underhill Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Underhill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Underhill to provide an accurate property tax bill estimate. This valuable tool helps you understand potential tax liabilities, ensuring you make informed financial decisions. For those interested in more granular insights, you can explore trends on a neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Underhill, Vermont
Property taxes in Underhill, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Underhill is 1.65%, significantly higher than both the Vermont state median of 1.76% and the U.S. national median of 0.99%. Local government entities within Underhill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Underhill 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 Underhill's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05489 zip code has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Underhill 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 Underhill Tax Rate
2.20%
Average Lamoille County Tax Rate
2.18%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Underhill, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05489 | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Underhill, Vermont
In Underhill, 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 Underhill, 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 Underhill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05489 has both the highest and lowest median tax bill at $5399, reflecting the diverse property values within the region.
Average Underhill Assessed Value
$245,300
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 Underhill, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05489 | $164,140 | $183,750 | $245,300 | $274,250 | $325,200 |
Source: Ownwell
Property Tax Bills Across Underhill, Vermont
Property tax bills in Underhill, located in Lamoille County, VT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. In Underhill, the median home price is $245,300. The property tax rate in this region is higher than the national median property tax rate of 0.99%. For instance, the tax bill for the 25th percentile is $4,044, while the 75th percentile tax bill is $6,036. Homeowners in the 90th percentile can expect to pay around $7,158. The highest and lowest median tax bills in Underhill are both $5,399, corresponding to the zip code 05489. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. As a result, understanding how these taxes are calculated can help homeowners better manage their financial planning.
Average Underhill Tax Bill
$5,399
Average Lamoille County Tax Bill
$3,189
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Underhill, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05489 | $3,613 | $4,044 | $5,399 | $6,036 | $7,158 |
Source: Ownwell