Andover, Vermont Property Taxes
The median property tax rate in Andover, VT is 2.08%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Andover, the typical annual property tax bill reaches $5,623, exceeding the national median of $2,690. Property taxes in Andover 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 Andover'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 Andover 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
Andover, 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 Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, Vermont
Property taxes in Andover, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 2.08%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05143 zip code has both the highest and lowest median property tax rate of 2.08%. Understanding how these areas compare with Andover provides valuable insights into the varying tax landscape across Windsor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
2.08%
Average Windsor County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | 1.67% | 2.08% | 2.08% | 2.09% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Vermont
In Andover, 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 Windsor 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Andover is $284,950, with the highest and lowest median tax bills both recorded at $5,623 in zip code 05143.
Average Andover Assessed Value
$284,950
Average Windsor County Assessed Value
$205,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | $58,960 | $170,925 | $284,950 | $414,925 | $701,910 |
Source: Ownwell
Property Tax Bills Across Andover, Vermont
In Andover, Windsor County, VT, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Andover face a median property tax bill that can significantly impact their finances. For instance, the median home price stands at $284,950, and the property tax rate in this region is notably higher than the national median of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Tax bills can vary widely; the 25th percentile tax bill is $3,483, while the 75th percentile reaches up to $8,752. For those in the 90th percentile, tax bills can soar to $14,720. The highest median tax bill in the area is $5,623, which is significantly impactful compared to other regions. Understanding these elements helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Andover Tax Bill
$5,623
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | $1,228 | $3,483 | $5,623 | $8,752 | $14,720 |
Source: Ownwell