Tunbridge, Vermont Property Taxes
The median property tax rate in Tunbridge, VT is 2.25%, significantly higher than both the national median of 0.99% and Vermont's state median of 2.11%. With the median home value in Tunbridge at $196,700, the typical annual property tax bill reaches $4,390, well above the national median of $2,690. Property taxes in Tunbridge are calculated based on the assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Tunbridge'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 Tunbridge 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
Tunbridge, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$4,426
Ownwell’s Tunbridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunbridge 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 Tunbridge, Vermont
Property taxes in Tunbridge, Vermont, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Tunbridge is 2.25%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Tunbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunbridge 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 Tunbridge's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05077 has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these areas compare with Tunbridge 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 Tunbridge Tax Rate
2.25%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunbridge, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05077 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Tunbridge, Vermont
In Tunbridge, 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 Tunbridge, 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. The median home price in Tunbridge is $196,700, with tax bills ranging from $2,756 at the 25th percentile to $10,201 at the 90th percentile. The highest and lowest median tax bills are both in the 05077 zip code, amounting to $4,390. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tunbridge Assessed Value
$196,700
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 Tunbridge, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05077 | $64,800 | $122,500 | $196,700 | $302,100 | $452,140 |
Source: Ownwell
Property Tax Bills Across Tunbridge, Vermont
In Tunbridge, Orange County, VT, property tax bills 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. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Tunbridge can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is around $2,756, while the 75th percentile reaches $6,829, and the 90th percentile can go up to $10,201. These figures demonstrate the variability in tax bills, influenced by property values and assessment practices. With a median home price of $196,700, many residents might find their property tax bills higher than the national median property tax rate of 0.99%. This can significantly impact homeowners, affecting their overall housing affordability and financial planning. Understanding these factors is crucial for homeowners to manage their budgets and anticipate future tax obligations.
Average Tunbridge Tax Bill
$4,390
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunbridge, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05077 | $1,457 | $2,756 | $4,390 | $6,829 | $10,201 |
Source: Ownwell