Chelsea, Vermont Property Taxes
The median property tax rate in Chelsea, VT is 2.40%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Chelsea, the typical annual property tax bill reaches $3,468, exceeding the national median of $2,690. Property taxes in Chelsea 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 Chelsea'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 Chelsea 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
Chelsea, 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 Chelsea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chelsea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chelsea 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 Chelsea, Vermont
Property taxes in Chelsea, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chelsea is 2.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chelsea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chelsea 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 Chelsea's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05038 zip code has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Chelsea provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chelsea Tax Rate
2.40%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chelsea, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05038 | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Chelsea, Vermont
In Chelsea, 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 Orange 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 Chelsea, 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 Chelsea helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 05038 in Chelsea has both the highest and lowest median tax bills, each at $3,468.
Average Chelsea Assessed Value
$146,800
Average Orange County Assessed Value
$178,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chelsea, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05038 | $59,550 | $98,500 | $146,800 | $212,025 | $306,800 |
Source: Ownwell
Property Tax Bills Across Chelsea, Vermont
In Chelsea, located in Orange County, VT, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. This value, combined with the tax rate set by local authorities, determines the annual tax bill for homeowners. Several factors influence the assessed value, including the property's location, size, condition, and any improvements made. For Chelsea, the median home price stands at $146,800. Homeowners in the 25th percentile can expect a tax bill around $2,356, while those in the 75th percentile might see bills of approximately $5,058. The highest tax bills, in the 90th percentile, can reach up to $7,346. Compared to the national median property tax rate of 0.99%, Chelsea's rates can significantly impact homeowners. Higher property taxes can affect affordability and the overall cost of homeownership, making it crucial for residents to stay informed about their property assessments and potential exemptions.
Average Chelsea Tax Bill
$3,468
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Chelsea, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05038 | $1,407 | $2,356 | $3,468 | $5,058 | $7,346 |
Source: Ownwell