East Middlebury, Vermont Property Taxes
The median property tax rate in East Middlebury, VT is 2.39%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in East Middlebury at $205,350, the typical annual property tax bill reaches $5,116, exceeding the national median of $2,690. Property taxes in East Middlebury 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 East Middlebury'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 East Middlebury 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
East Middlebury, 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 East Middlebury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Middlebury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Middlebury 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 Addison County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across East Middlebury, Vermont
Property taxes in East Middlebury, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Middlebury is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within East Middlebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Middlebury 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 East Middlebury's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05740 zip code has the highest median property tax rate of 1.86%, while the same 05740 zip code has the lowest median tax rate of 1.86%. Understanding how these areas compare with East Middlebury 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 East Middlebury Tax Rate
2.39%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05740 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across East Middlebury, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in East Middlebury, Vermont. 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 East Middlebury, 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. For instance, the highest median tax bill in the area is $5116 in the 05740 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across East Middlebury, Vermont
Source: Ownwell
$48,850
$211,200
$373,550
Average East Middlebury Assessed Value
$205,350
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 East Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05740 | $122,800 | $169,625 | $205,350 | $246,475 | $335,100 |
Source: Ownwell
Property Tax Bills Across East Middlebury, Vermont
In East Middlebury, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, in Addison County, where East Middlebury is located, the median home price is $205,350. Homeowners here face property tax bills that vary significantly, with the 25th percentile bill at $4,633 and the 75th percentile bill at $5,686. Several factors influence these tax bills, including the property's assessed value, any applicable exemptions, and the local tax rate. The highest median tax bill in the region is $5,116, found in the zip code 05740. These property taxes are higher compared to the national median property tax rate of 0.99%, reflecting the region's specific assessment and taxation policies. Homeowners in East Middlebury must budget for these annual expenses, which play a crucial role in local government funding and public services.
Average East Middlebury Tax Bill
$5,116
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across East Middlebury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05740 | $4,324 | $4,633 | $5,116 | $5,686 | $5,715 |
Source: Ownwell