Peru, Vermont Property Taxes
The median property tax rate in Peru, VT is 2.11%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Peru, the typical annual property tax bill reaches $3,534, exceeding the national median of $2,690. Property taxes in Peru 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 Peru'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 Peru 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
Peru, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,881
Ownwell’s Peru Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peru with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peru 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 Peru, Vermont
Property taxes in Peru, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peru is 2.11%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Peru set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peru 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 Peru's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05152 zip code 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 cities compare with Peru 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 Peru 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 Peru, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05152 | 0.91% | 2.11% | 2.11% | 2.11% | 7.06% |
Source: Ownwell
Property Tax Assessment Values Across Peru, Vermont
In Peru, 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 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. In Peru, 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. The median home price in Peru is $231,350, and the median tax bill ranges from $2,803 at the 25th percentile to $6,840 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Peru's highest and lowest median tax bills are both $3,534, found in the 05152 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peru Assessed Value
$231,350
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 Peru, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05152 | $141,370 | $181,300 | $231,350 | $360,600 | $545,440 |
Source: Ownwell
Property Tax Bills Across Peru, Vermont
In Peru, 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 local assessor and reflects the market value of the property. Homeowners in Peru can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $2,803, while the 75th percentile tax bill reaches $4,909, and the 90th percentile tax bill can be as high as $6,840. These variations are influenced by factors such as property size, location, and market conditions. The median home price in Peru is $231,350, and with the national median property tax rate at 0.99%, homeowners in Peru might find their tax bills relatively higher, reflecting the local economic conditions and public service funding needs. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Peru Tax Bill
$3,534
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Peru, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05152 | $1,063 | $2,803 | $3,534 | $4,909 | $6,840 |
Source: Ownwell