Groton, Vermont Property Taxes
The median property tax rate in Groton, VT is 2.22%, significantly higher than both the national median of 0.99% and Vermont's state median of 2.11%. With a median home value of $109,700 in Groton, the typical annual property tax bill reaches $2,542, which is just below the national median of $2,690. Property taxes in Groton are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Groton'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 Groton or another part of Orange County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Groton, 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 Groton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groton 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 Groton, Vermont
Property taxes in Groton, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Groton is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Groton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groton 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 Groton's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05046 zip code has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Groton 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 Groton Tax Rate
2.22%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Groton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05046 | 2.22% | 2.22% | 2.22% | 2.27% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Groton, Vermont
In Groton, 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 Groton, 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 Groton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2542.00 in zip code 05046, which is also the lowest.
Average Groton Assessed Value
$109,700
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 Groton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05046 | $100,820 | $104,150 | $109,700 | $141,100 | $159,940 |
Source: Ownwell
Property Tax Bills Across Groton, Vermont
In Groton, VT, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the town’s assessor and is meant to reflect the market value of the property. Factors such as the size of the property, the condition of the home, and recent sales of similar properties in the area are considered. Homeowners in Groton can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,366, while the 75th percentile tax bill is approximately $3,186. The 90th percentile tax bill can go up to $3,572. In comparison, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Groton's property taxes stack up. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting decisions related to buying or selling property.
Average Groton Tax Bill
$2,542
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Groton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05046 | $2,260 | $2,366 | $2,542 | $3,186 | $3,572 |
Source: Ownwell