Taftsville, Vermont Property Taxes
The median property tax rate in Taftsville, VT is 2.19%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Taftsville at $283,250, the typical annual property tax bill reaches $4,231, exceeding the national median of $2,690. Property taxes in Taftsville 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 Taftsville'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 Taftsville 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
Taftsville, 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 Taftsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taftsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taftsville 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 Taftsville, Vermont
Property taxes in Taftsville, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taftsville is 2.19%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Taftsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taftsville 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 Taftsville's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05073 has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these areas compare with Taftsville 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 Taftsville Tax Rate
2.19%
Average Windsor County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taftsville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05073 | 1.16% | 1.94% | 2.19% | 2.19% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Taftsville, Vermont
In Taftsville, 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 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 Taftsville, 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 Taftsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,231, found in the zip code 05073.
Average Taftsville Assessed Value
$283,250
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 Taftsville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05073 | $109,890 | $156,300 | $283,250 | $481,850 | $713,870 |
Source: Ownwell
Property Tax Bills Across Taftsville, Vermont
In Taftsville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements or renovations made to the home. In Windsor County, where Taftsville is located, the median home price is $283,250. Homeowners in the area experience a range of tax bills, with the 25th percentile at $2,635 and the 75th percentile at $10,079. The highest median tax bill in the region is $4,231, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how property taxes are calculated can help homeowners better anticipate their annual expenses and plan their finances accordingly.
Average Taftsville Tax Bill
$4,231
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Taftsville, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05073 | $2,411 | $2,635 | $4,231 | $10,079 | $15,662 |
Source: Ownwell