Rutland, Vermont Property Taxes
The median property tax rate in Rutland, VT is 0.84%, which is lower than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Rutland, the typical annual property tax bill reaches $1,139, falling below the national median of $2,690. Property taxes in Rutland 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 Rutland'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 Rutland 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
Rutland, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,174
Ownwell’s Rutland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rutland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rutland 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 Rutland, Vermont
Property taxes in Rutland, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rutland is 0.84%, slightly lower than the U.S. national median of 0.99%. Local government entities within Rutland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rutland 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 Rutland's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05701 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Rutland 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 Rutland Tax Rate
0.84%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rutland, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | 0.26% | 0.71% | 0.84% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Rutland, Vermont
In Rutland, 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 Rutland, 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 Rutland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rutland are both $1,139, found in the 05701 zip code.
Average Rutland Assessed Value
$139,800
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 Rutland, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $86,470 | $112,000 | $139,800 | $184,425 | $253,260 |
Source: Ownwell
Property Tax Bills Across Rutland, Vermont
In Rutland, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Rutland is $139,800, and the property tax rate is applied to this value to determine the tax bill. The assessed value is a crucial factor, reflecting the market value of the property. Homeowners in Rutland can expect to pay a median property tax bill of $1,139, which is significantly higher than the national median property tax rate of 0.99%. The tax bill varies widely depending on the value of the property. For instance, homeowners in the 25th percentile pay around $802, while those in the 75th percentile pay approximately $2,310. At the 90th percentile, the tax bill can be as high as $4,225. This variation impacts homeowners differently, influencing their financial planning and overall cost of homeownership. Understanding these factors helps residents anticipate their annual property tax obligations and manage their finances more effectively.
Average Rutland Tax Bill
$1,139
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Rutland, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05701 | $289 | $802 | $1,139 | $2,310 | $4,225 |
Source: Ownwell