Shaftsbury, Vermont Property Taxes
The median property tax rate in Shaftsbury, VT is 0.63%, significantly lower than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Shaftsbury, the typical annual property tax bill reaches $2,091, which is below the national median of $2,690. Property taxes in Shaftsbury 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 Shaftsbury'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 Shaftsbury 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
Shaftsbury, 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 Shaftsbury Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shaftsbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shaftsbury to provide an estimate of 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 Shaftsbury, Vermont
Property taxes in Shaftsbury, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shaftsbury is 0.63%, which is lower than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Shaftsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shaftsbury 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 Shaftsbury's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05262 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Shaftsbury 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 Shaftsbury Tax Rate
0.63%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shaftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05262 | 0.12% | 0.34% | 0.63% | 1.30% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Shaftsbury, Vermont
In Shaftsbury, 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 local 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 Shaftsbury, 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 Shaftsbury is $218,500, with tax bills ranging from $800 at the 25th percentile to $4,889 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. Being aware of these valuation processes in Shaftsbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shaftsbury Assessed Value
$218,500
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 Shaftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05262 | $112,300 | $152,600 | $218,500 | $301,500 | $389,400 |
Source: Ownwell
Property Tax Bills Across Shaftsbury, Vermont
In Shaftsbury, 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 local assessor's office and reflects the market value of the property. Homeowners in Shaftsbury can expect a range of property tax bills, with the 25th percentile at $800 and the 75th percentile at $3,454. The 90th percentile tax bill reaches up to $4,889. Comparatively, the median property tax rate in Shaftsbury aligns with the national median rate of 0.99%. However, the actual tax bill can vary significantly depending on the assessed value of the property. For instance, the highest median tax bill in the area is $2,091 in the 05262 zip code. Understanding these factors is crucial for homeowners as property taxes impact overall housing affordability and annual expenses.
Average Shaftsbury Tax Bill
$2,091
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Shaftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05262 | $180 | $800 | $2,091 | $3,454 | $4,889 |
Source: Ownwell