Castleton, Vermont Property Taxes
The median property tax rate in Castleton, VT is 2.11%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Castleton, the typical annual property tax bill reaches $3,555, exceeding the national median of $2,690. Property taxes in Castleton 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 Castleton'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 Castleton 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
Castleton, 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 Castleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Castleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Castleton 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 Castleton, Vermont
Property taxes in Castleton, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Castleton is 2.11%, significantly higher than the U.S. national median of 0.99%. Local government entities within Castleton set these rates annually, and they can vary across different neighborhoods. Each year, Castleton 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 Castleton's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05735 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these areas compare with Castleton provides valuable insights into the varying tax landscape across Rutland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castleton Tax Rate
2.11%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castleton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | 2.11% | 2.11% | 2.11% | 2.11% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Castleton, Vermont
In Castleton, 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 Castleton, 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 Castleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Castleton is $166,400, with the highest median tax bill being $3,555 in the 05735 zip code.
Average Castleton Assessed Value
$166,400
Average Rutland County Assessed Value
$162,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castleton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | $67,630 | $114,450 | $166,400 | $256,450 | $371,870 |
Source: Ownwell
Property Tax Bills Across Castleton, Vermont
In Castleton, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the Rutland County assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Castleton is $166,400, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $2,458, while those in the 75th percentile see bills as high as $5,515. At the 90th percentile, the tax bill can reach up to $7,912. These variations are influenced by factors such as property size, location, and any applicable exemptions. The highest and lowest median tax bills in Castleton, both standing at $3,555, indicate a relatively consistent tax environment within the zip code 05735. Compared to the national median property tax rate of 0.99%, Castleton's rates reflect the local economic conditions and funding needs. Homeowners must budget for these taxes, as they significantly impact the overall cost of owning property in the area.
Average Castleton Tax Bill
$3,555
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Castleton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | $1,459 | $2,458 | $3,555 | $5,515 | $7,912 |
Source: Ownwell