Westminster, Vermont Property Taxes
The median property tax rate in Westminster, VT is 1.10%, slightly higher than the national median of 0.99% but significantly lower than the Vermont state median of 2.11%. With the median home value in Westminster at $152,300, the typical annual property tax bill amounts to $1,544, which is below the national median of $2,690. Property taxes in Westminster are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Westminster'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 Westminster 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
Westminster, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,675
Ownwell’s Westminster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westminster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westminster 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 Westminster, Vermont
Property taxes in Westminster, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westminster is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Westminster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westminster 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 Westminster's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05158 zip code has the highest median property tax rate of 1.10%, while the 05158 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Westminster 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 Westminster Tax Rate
1.10%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westminster, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05158 | 0.30% | 0.70% | 1.10% | 1.18% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Westminster, Vermont
In Westminster, 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 Westminster, 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 Westminster 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 $1,544 in the 05158 zip code, which is also the lowest median tax bill, providing a straightforward comparison for homeowners.
Average Westminster Assessed Value
$152,300
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 Westminster, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05158 | $47,600 | $105,950 | $152,300 | $214,300 | $294,900 |
Source: Ownwell
Property Tax Bills Across Westminster, Vermont
Property tax bills in Westminster, Windham County, VT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office and reflects the market value of the property. The local tax rate is set by local governments and school districts to meet budgetary needs. Homeowners in Westminster can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $879, while the 75th percentile tax bill is $2101, and the 90th percentile tax bill reaches $3422. The median home price in Westminster is $152,300, and the median property tax bill aligns with the highest and lowest median tax bill in the area, both at $1544. These property taxes fund essential public services such as education, infrastructure, and emergency services. While the national median property tax rate is 0.99%, the actual rate in Westminster may differ, impacting homeowners' annual financial obligations. Understanding these factors helps homeowners anticipate their property tax responsibilities accurately.
Average Westminster Tax Bill
$1,544
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Westminster, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05158 | $349 | $879 | $1,544 | $2,101 | $3,422 |
Source: Ownwell