Florence, Vermont Property Taxes
The median property tax rate in Florence, VT is 2.27%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Florence at $148,700, the typical annual property tax bill reaches $3,364, exceeding the national median of $2,690. Property taxes in Florence 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 Florence'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 Florence 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
Florence, 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 Florence Property Tax Bill Calculator is a valuable tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Florence. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Florence to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Florence, Vermont
Property taxes in Florence, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05744 zip code has the highest median property tax rate of 1.86%, while the 05744 zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Florence 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 Florence Tax Rate
2.27%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05744 | 2.27% | 2.27% | 2.27% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Vermont
In Florence, 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 Rutland 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 Florence, 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Florence, both at $3364, are found in the 05744 zip code.
Average Florence Assessed Value
$148,700
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 Florence, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05744 | $77,350 | $110,700 | $148,700 | $198,675 | $276,530 |
Source: Ownwell
Property Tax Bills Across Florence, Vermont
In Florence, Rutland County, VT, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the town's assessor and ideally reflects the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Florence, the median home price is $148,700. Property tax bills in the area vary widely, with the 25th percentile at $2,452 and the 75th percentile at $4,524. At the 90th percentile, tax bills can reach as high as $6,158. This variation is influenced by factors such as property size, location, and improvements. Comparatively, the national median property tax rate is 0.99%, making Florence's rates relatively higher. This can significantly impact homeowners, particularly those with higher-valued properties, as they may face substantial annual tax bills. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Florence Tax Bill
$3,364
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05744 | $1,748 | $2,452 | $3,364 | $4,524 | $6,158 |
Source: Ownwell