Salisbury, Vermont Property Taxes
The median property tax rate in Salisbury, VT is 2.01%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Salisbury at $210,700, the typical annual property tax bill reaches $4,235, exceeding the national median of $2,690. Property taxes in Salisbury 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 Salisbury'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 Salisbury 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
Salisbury, 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 Salisbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salisbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salisbury 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 Salisbury, Vermont
Property taxes in Salisbury, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salisbury is 2.01%, significantly higher than the U.S. national median of 0.99%. Local government entities within Salisbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salisbury 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 Salisbury's effective property tax rate to other areas in Addison County and the national median. For comparison, the 05769 zip code has both the highest and lowest median property tax rate of 2.01%. Understanding how these areas compare with Salisbury 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 Salisbury Tax Rate
2.01%
Average Addison County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salisbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05769 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Salisbury, Vermont
In Salisbury, 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 Salisbury, 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 Salisbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05769 has the highest median tax bill at $4,235, which is above the national median property tax rate of 0.99%.
Average Salisbury Assessed Value
$210,700
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 Salisbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05769 | $12,100 | $136,300 | $210,700 | $303,025 | $419,520 |
Source: Ownwell
Property Tax Bills Across Salisbury, Vermont
In Salisbury, Addison County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this region face a median property tax rate that often surpasses the national median of 0.99%. The assessed value is determined by local assessors who evaluate the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $210,700, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $2,744, whereas at the 75th percentile, it rises to about $6,089. The highest tax bills, at the 90th percentile, can reach up to $8,430. These figures highlight the significant impact property taxes can have on homeowners' finances. High property tax bills can influence decisions on homeownership and property investments, making it crucial for residents to understand these dynamics.
Average Salisbury Tax Bill
$4,235
Average Addison County Tax Bill
$5,451
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Salisbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05769 | $243 | $2,744 | $4,235 | $6,089 | $8,430 |
Source: Ownwell