Montpelier, Vermont Property Taxes
The median property tax rate in Montpelier, VT is 0.79%, lower than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $212,300 in Montpelier, the typical annual property tax bill is $1,821, significantly below the national median of $2,690. Property taxes in Montpelier are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Montpelier'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 Montpelier 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
Montpelier, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,677
Ownwell’s Montpelier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montpelier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montpelier 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 Montpelier, Vermont
Property taxes in Montpelier, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montpelier is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Montpelier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montpelier 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 Montpelier's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05602 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Montpelier provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montpelier Tax Rate
0.79%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montpelier, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05602 | 0.39% | 0.66% | 0.79% | 2.08% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Montpelier, Vermont
In Montpelier, 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 Washington 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 Montpelier, 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 Montpelier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $212,300, with the highest and lowest median tax bills both at $1,821 in the 05602 zip code.
Average Montpelier Assessed Value
$212,300
Average Washington County Assessed Value
$205,330
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montpelier, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05602 | $116,300 | $159,900 | $212,300 | $276,400 | $363,500 |
Source: Ownwell
Property Tax Bills Across Montpelier, Vermont
In Montpelier, Washington County, VT, property tax bills are determined based on the assessed value of a home. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. For homeowners, this means that changes in the real estate market or property upgrades can directly impact their tax bills. The median home price in Montpelier is $212,300, and tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,100, while the 75th percentile reaches up to $4,264. At the 90th percentile, homeowners might see tax bills as high as $6,934. These figures highlight the range of property tax burdens in Montpelier, with the highest median tax bill in the area being $1,821. Understanding these factors can help homeowners anticipate their property tax obligations better.
Average Montpelier Tax Bill
$1,821
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Montpelier, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05602 | $473 | $1,100 | $1,821 | $4,264 | $6,934 |
Source: Ownwell