Bristol, Vermont Property Taxes
The median property tax rate in Bristol, VT is 2.69%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Bristol at $223,800, the typical annual property tax bill reaches $5,637, exceeding the national median of $2,690. Property taxes in Bristol 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 Bristol'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 Bristol or another part of Addison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bristol, 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 Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Vermont
Property taxes in Bristol, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 1.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Vermont and the national median. For comparison, the highest median property tax rate in Addison County is 1.72%, while the lowest median tax rate is also 1.72%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Addison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
2.69%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05443 | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Vermont
In Bristol, 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 Addison 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 Bristol, 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bristol are both $5,637, found in the 05443 zip code.
Average Bristol Assessed Value
$223,800
Average Addison County Assessed Value
$233,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05443 | $89,120 | $161,300 | $223,800 | $279,000 | $347,660 |
Source: Ownwell
Property Tax Bills Across Bristol, Vermont
In Bristol, Vermont, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Bristol is $223,800, and homeowners can expect varying tax bills depending on their property's assessed value and location within the city. The tax bill for the 25th percentile stands at $4,152, while those in the 75th percentile face a bill of $7,180. For the top 10% of properties, the tax bill can reach up to $8,876. Several factors influence the final tax bill, including the property's assessed value, which is determined by local assessors, and the tax rate set by local government authorities. These factors ensure that property taxes are proportionate to the value of the property. Homeowners in Bristol, Addison County, experience property tax bills that are significantly higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding requirements for public services.
Average Bristol Tax Bill
$5,637
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05443 | $2,034 | $4,152 | $5,637 | $7,180 | $8,876 |
Source: Ownwell