North Ferrisburgh, Vermont Property Taxes
The median property tax rate in North Ferrisburgh, VT is 1.88%, significantly higher than the national median of 0.99% but lower than the Vermont state median of 2.11%. With a median home value of $283,800, the typical annual property tax bill in North Ferrisburgh amounts to $5,830, surpassing the national median of $2,690. Property taxes in North Ferrisburgh are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding North Ferrisburgh's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of North Ferrisburgh or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Ferrisburgh, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$5,335
Ownwell’s North Ferrisburgh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Ferrisburgh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Ferrisburgh 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 North Ferrisburgh, Vermont
Property taxes in North Ferrisburgh, Vermont, are crucial for financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in North Ferrisburgh is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Ferrisburgh set these rates annually, and they can vary across different neighborhoods. Each year, North Ferrisburgh 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 North Ferrisburgh's effective property tax rate to other regions in Vermont and the national median. For comparison, the 05473 zip code has the highest median property tax rate of 1.88%, while the same 05473 zip code also has the lowest median tax rate of 1.88%. Understanding how these figures compare with North Ferrisburgh 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 North Ferrisburgh Tax Rate
1.88%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Ferrisburgh, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05473 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across North Ferrisburgh, Vermont
In North Ferrisburgh, 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 North Ferrisburgh, 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 North Ferrisburgh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05473 has both the highest and lowest median tax bills, averaging around $5,830.
Property Tax Assessment Values Across North Ferrisburgh, Vermont
Source: Ownwell
$48,850
$211,200
$373,550
Average North Ferrisburgh Assessed Value
$283,800
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 North Ferrisburgh, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05473 | $122,700 | $205,900 | $283,800 | $360,000 | $441,140 |
Source: Ownwell
Property Tax Bills Across North Ferrisburgh, Vermont
In North Ferrisburgh, located in Addison County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town’s assessor, who evaluates the property to estimate its market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in North Ferrisburgh, the median home price is $283,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $4,435 and the 75th percentile at $7,246. The 90th percentile tax bill reaches up to $8,542, indicating a wide range of tax obligations depending on property value and specific assessments. Compared to the national median property tax rate of 0.99%, homeowners in North Ferrisburgh may find their tax bills to be relatively high, reflecting the local tax rate and property values. This can significantly impact household budgets, making it crucial for homeowners to understand how their property taxes are calculated and to explore potential exemptions or appeals if necessary.
Average North Ferrisburgh Tax Bill
$5,830
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across North Ferrisburgh, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05473 | $3,302 | $4,435 | $5,830 | $7,246 | $8,542 |
Source: Ownwell