Cambridgeport, Vermont Property Taxes
The median property tax rate in Cambridgeport, VT is 2.73%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Cambridgeport at $184,100, the typical annual property tax bill reaches $5,030, exceeding the national median of $2,690. Property taxes in Cambridgeport 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 Cambridgeport'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 Cambridgeport 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
Cambridgeport, 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 Cambridgeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridgeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridgeport 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 Cambridgeport, Vermont
Property taxes in Cambridgeport, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridgeport is 2.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cambridgeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridgeport 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 Cambridgeport's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05141 ZIP code has the highest median property tax rate of 2.73%, while the 05141 ZIP code also has the lowest median tax rate of 2.73%. Understanding how these cities compare with Cambridgeport provides valuable insights into the varying tax landscape across Windham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridgeport Tax Rate
2.73%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridgeport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05141 | 2.73% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Cambridgeport, Vermont
In Cambridgeport, 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 local appraisal authorities 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 Cambridgeport, 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 Cambridgeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5030, found in zip code 05141, while the lowest median tax bill is also $5030 in the same zip code.
Average Cambridgeport Assessed Value
$184,100
Average Windham County Assessed Value
$195,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridgeport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05141 | $91,300 | $126,100 | $184,100 | $242,100 | $276,900 |
Source: Ownwell
Property Tax Bills Across Cambridgeport, Vermont
In Cambridgeport, Vermont, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in the area is $184,100. Homeowners can expect their tax bill to be influenced by several factors, including the assessed value of their property, which is determined by the local assessor's office. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For example, in Cambridgeport, the 25th percentile tax bill is $3,445, while the 75th percentile tax bill is $6,614, and at the 90th percentile, it reaches $7,565. This variation illustrates how different property values and local assessments can significantly impact the amount homeowners owe. Comparatively, the national median property tax rate is 0.99%, and Cambridgeport's tax bills reflect the local economic conditions and public service funding needs. Homeowners in the highest median tax bill zip code, 05141, see an average tax bill of $5,030. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Cambridgeport Tax Bill
$5,030
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridgeport, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05141 | $2,494 | $3,445 | $5,030 | $6,614 | $7,565 |
Source: Ownwell