Thetford, Vermont Property Taxes
The median property tax rate in Thetford, VT is 2.56%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Thetford at $243,010, the typical annual property tax bill reaches $5,648, exceeding the national median of $2,690. Property taxes in Thetford 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 Thetford'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 Thetford 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
Thetford, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$6,221
Ownwell’s Thetford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thetford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thetford 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 Thetford, Vermont
Property taxes in Thetford, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thetford is 2.56%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Thetford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thetford 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 Thetford's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05054 has the highest median property tax rate of 2.56%, while zip code 05074 has the lowest median tax rate of 2.56%. Understanding how these cities compare with Thetford 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 Thetford Tax Rate
2.56%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
| 05074 | 1.14% | 1.77% | 2.56% | 2.57% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Thetford, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thetford, Vermont. The market value represents 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. Assessment notices in Thetford 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. For instance, Thetford's highest median tax bill is $6,303 in the 05054 zip code, while the lowest is $5,560 in the 05074 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thetford Assessed Value
$243,010
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 Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | $246,020 | $246,020 | $246,020 | $246,020 | $246,020 |
| 05074 | $120,681 | $179,008 | $242,065 | $316,362 | $441,327 |
Source: Ownwell
Property Tax Bills Across Thetford, Vermont
In Thetford, located in Orange County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $243,010, homeowners can expect varying tax bills depending on the assessed value and specific tax rates applied. Several factors influence the assessed value, including the home's location, size, and condition. Additionally, local government budgets and school funding needs can impact the tax rate. Homeowners in Thetford face a range of property tax bills, with the 25th percentile at $3,348 and the 75th percentile reaching $7,284. The highest median tax bill in the area is $6,303, while the lowest median tax bill is $5,560. These property taxes significantly affect homeowners, influencing their overall housing costs and financial planning. Comparatively, the national median property tax rate stands at 0.99%, highlighting the variation in property tax burdens across different regions.
Average Thetford Tax Bill
$5,648
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Thetford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05054 | $6,303 | $6,303 | $6,303 | $6,303 | $6,303 |
| 05074 | $1,750 | $3,343 | $5,560 | $7,305 | $10,233 |
Source: Ownwell