Vershire, Vermont Property Taxes
The median property tax rate in Vershire, VT is 2.45%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Vershire at $165,400, the typical annual property tax bill reaches $1,836, exceeding the national median of $2,690. Property taxes in Vershire 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 Vershire'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 Vershire 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
Vershire, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$4,052
Ownwell’s Vershire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vershire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vershire 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 Vershire, Vermont
Property taxes in Vershire, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vershire is 2.45%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Vershire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vershire 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 Vershire's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05079 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these areas compare with Vershire 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 Vershire Tax Rate
2.45%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vershire, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05079 | 2.23% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Vershire, Vermont
In Vershire, 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 Vershire, 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 Vershire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Vershire is $165,400, with tax bills ranging from $1,308 at the 25th percentile to $7,588 at the 90th percentile. The highest and lowest median tax bills are both $1,836 in the 05079 zip code.
Average Vershire Assessed Value
$165,400
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 Vershire, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05079 | $60,700 | $111,100 | $165,400 | $224,050 | $340,100 |
Source: Ownwell
Property Tax Bills Across Vershire, Vermont
In Vershire, Orange County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Vershire is $165,400, which is subject to the town's specific tax rate. Homeowners can expect their tax bills to fall within a range, influenced by factors such as property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill is $1,308, while the 75th percentile reaches $3,232. At the higher end, the 90th percentile tax bill can soar up to $7,588. This variability underscores the importance of accurate property assessment and understanding local tax rates. Compared to the national median property tax rate of 0.99%, Vershire's tax landscape can significantly impact homeowners' finances. The highest median tax bill in the area is recorded at $1,836 in the 05079 zip code, which also represents the lowest median tax bill, indicating a uniformity in tax assessments within that locality.
Average Vershire Tax Bill
$1,836
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Vershire, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05079 | $1,128 | $1,308 | $1,836 | $3,232 | $7,588 |
Source: Ownwell