Graniteville, Vermont Property Taxes
The median property tax rate in Graniteville, VT is 2.23%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Graniteville, the typical annual property tax bill reaches $3,303, exceeding the national median of $2,690. Property taxes in Graniteville 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 Graniteville'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 Graniteville 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
Graniteville, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$3,249
Ownwell’s Graniteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graniteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graniteville 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 Graniteville, Vermont
Property taxes in Graniteville, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graniteville is 2.23%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Graniteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graniteville 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 Graniteville's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05654 zip code has both the highest and lowest median property tax rate of 2.23%. Understanding how these areas compare with Graniteville 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 Graniteville Tax Rate
2.23%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graniteville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05654 | 2.23% | 2.23% | 2.23% | 2.23% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Graniteville, Vermont
In Graniteville, 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 local 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 Graniteville, 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 Graniteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3,303 in zip code 05654, while the lowest is also $3,303 in the same zip code.
Average Graniteville Assessed Value
$145,700
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 Graniteville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05654 | $70,580 | $97,050 | $145,700 | $195,400 | $290,020 |
Source: Ownwell
Property Tax Bills Across Graniteville, Vermont
In Graniteville, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically determined by the town's assessor and is meant to reflect the market value of the property. The tax rate is set by local governments and can vary yearly based on budgetary needs and public services funding. Homeowners in Graniteville can expect a wide range of property tax bills. For example, those in the 25th percentile pay around $2,164 annually, while those in the 75th percentile see bills closer to $4,356. At the higher end, the 90th percentile tax bill reaches approximately $6,564. These figures highlight the significant impact property taxes can have on household budgets. Compared to the national median property tax rate of 0.99%, Graniteville's rates can be considerably higher, reflecting the local government's funding requirements. Understanding these factors helps homeowners plan their finances and anticipate annual expenses tied to property ownership.
Average Graniteville Tax Bill
$3,303
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Graniteville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05654 | $1,573 | $2,164 | $3,303 | $4,356 | $6,564 |
Source: Ownwell