Jamaica, Vermont Property Taxes
The median property tax rate in Jamaica, VT is 2.11%, significantly higher than the national median of 0.99%. With a median home value of $231,700 in Jamaica, the typical annual property tax bill reaches $4,887, surpassing the national median of $2,690. Property taxes in Jamaica are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Jamaica'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 Jamaica or another part of Bennington County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jamaica, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,889
Ownwell’s Jamaica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamaica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamaica 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 Jamaica, Vermont
Property taxes in Jamaica, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamaica is 2.11%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Jamaica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamaica 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 Jamaica's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05343 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these areas compare with Jamaica provides valuable insights into the varying tax landscape across Bennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamaica Tax Rate
2.11%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamaica, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05343 | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Jamaica, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jamaica, 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 Bennington 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. 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 Jamaica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $4,887, found in the 05343 zip code.
Average Jamaica Assessed Value
$231,700
Average Bennington County Assessed Value
$189,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamaica, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05343 | $198,340 | $210,850 | $231,700 | $320,350 | $373,540 |
Source: Ownwell
Property Tax Bills Across Jamaica, Vermont
In Jamaica, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Bennington County. The assessed value is determined by the town assessor and reflects the market value of the property. Homeowners in Jamaica can expect tax bills to vary significantly, with the 25th percentile at $4,447, the 75th percentile at $6,756, and the 90th percentile reaching up to $7,878. The median home price in Jamaica is $231,700, which influences the overall tax bill. For comparison, the national median property tax rate is 0.99%. Factors such as property improvements, market conditions, and local budget requirements play a crucial role in determining the final tax bill. High property taxes can impact homeowners by increasing their annual expenses, potentially influencing decisions about homeownership and property investments. Understanding these elements helps residents plan their finances and consider appealing their assessed values if they believe them to be inaccurate.
Average Jamaica Tax Bill
$4,887
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamaica, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05343 | $4,183 | $4,447 | $4,887 | $6,756 | $7,878 |
Source: Ownwell