North Troy, Vermont Property Taxes
The median property tax rate in North Troy, VT is 2.25%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in North Troy, the typical annual property tax bill reaches $3,593, exceeding the national median of $2,690. Property taxes in North Troy 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 North Troy'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 North Troy or another part of Orleans County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Troy, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$3,648
Ownwell’s North Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Troy 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 North Troy, Vermont
Property taxes in North Troy, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Troy is 2.25%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within North Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Troy 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 North Troy's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05859 zip code has both the highest and lowest median property tax rate of 2.25%. Understanding how these cities compare with North Troy provides valuable insights into the varying tax landscape across Orleans County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Troy Tax Rate
2.25%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | 1.82% | 1.82% | 2.25% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across North Troy, Vermont
In North Troy, 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 Orleans 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 North Troy, 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 North Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both at $3,593, are found in zip code 05859.
Average North Troy Assessed Value
$162,150
Average Orleans County Assessed Value
$150,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $59,000 | $87,625 | $162,150 | $271,900 | $424,700 |
Source: Ownwell
Property Tax Bills Across North Troy, Vermont
In North Troy, Orleans County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate, resulting in the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in North Troy, the median home price is $162,150. Property tax bills can vary significantly, with the 25th percentile at $2,116 and the 75th percentile reaching $5,166. At the higher end, the 90th percentile tax bill is $8,016. These figures highlight the range of tax obligations homeowners might face, depending on their property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, North Troy's tax rates can result in substantial annual expenses for homeowners. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial responsibilities.
Average North Troy Tax Bill
$3,593
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across North Troy, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $1,367 | $2,116 | $3,593 | $5,166 | $8,016 |
Source: Ownwell