New Haven, Vermont Property Taxes
The median property tax rate in New Haven, VT, is 2.07%, which is significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $253,900 in New Haven, the typical annual property tax bill reaches $5,214, far exceeding the national median of $2,690. Property taxes in New Haven are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Haven'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 New Haven 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
New Haven, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$5,256
Ownwell’s New Haven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Haven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Haven 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 New Haven, Vermont
Property taxes in New Haven, Vermont, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in New Haven is 2.07%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within New Haven set these rates annually, and they can vary across different neighborhoods. Each year, New Haven 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. For comparison, the 05472 zip code has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these rates compare with New Haven 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 New Haven Tax Rate
2.07%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Haven, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05472 | 2.06% | 2.06% | 2.07% | 2.07% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across New Haven, Vermont
In New Haven, 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 New Haven, 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 New Haven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in New Haven are both $5,214, located in zip code 05472.
Average New Haven Assessed Value
$253,900
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 New Haven, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05472 | $155,300 | $195,650 | $253,900 | $336,050 | $452,400 |
Source: Ownwell
Property Tax Bills Across New Haven, Vermont
Property tax bills in New Haven, Addison County, VT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In New Haven, the median home price is $253,900, and homeowners can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $4,037, while at the 75th percentile, it rises to $6,804. The 90th percentile tax bill reaches up to $9,252. These variations depend on factors such as property location, size, and improvements. Compared to the national median property tax rate of 0.99%, New Haven's rates can result in higher tax bills, impacting homeowners' finances significantly. Homeowners should be aware of these factors to better plan for their annual expenses and consider potential tax appeals or exemptions to manage their tax liabilities effectively.
Average New Haven Tax Bill
$5,214
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across New Haven, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05472 | $3,199 | $4,037 | $5,214 | $6,804 | $9,252 |
Source: Ownwell