Worcester, Vermont Property Taxes
The median property tax rate in Worcester, 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 Worcester at $214,450, the typical annual property tax bill reaches $4,584, exceeding the national median of $2,690. Property taxes in Worcester 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 Worcester'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 Worcester 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
Worcester, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$4,825
Ownwell’s Worcester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worcester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worcester 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 Worcester, Vermont
Property taxes in Worcester, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worcester is 2.25%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Worcester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worcester 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 Worcester's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05682 has both the highest and lowest median property tax rate of 2.25%. Understanding how these areas compare with Worcester 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 Worcester Tax Rate
2.25%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worcester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05682 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Worcester, Vermont
In Worcester, 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 Worcester, 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 Worcester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 05682 has both the highest and lowest median tax bills at $4,584, reflecting a consistent tax environment.
Average Worcester Assessed Value
$214,450
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 Worcester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05682 | $91,450 | $147,375 | $214,450 | $283,650 | $362,070 |
Source: Ownwell
Property Tax Bills Across Worcester, Vermont
In Worcester, VT, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to derive the annual tax bill. Homeowners in Worcester experience a range of tax bills due to varying property values and assessment practices. For instance, the median home price in Worcester is $214,450, leading to a median property tax bill that can range significantly. At the 25th percentile, homeowners might pay around $3,209, while those at the 75th percentile could face bills as high as $5,930. The highest tax bills in the area can reach up to $7,414, which is considerably higher than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their ability to afford other expenses. Understanding these factors can help homeowners better prepare for their financial responsibilities.
Average Worcester Tax Bill
$4,584
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Worcester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05682 | $1,902 | $3,209 | $4,584 | $5,930 | $7,414 |
Source: Ownwell