Woodford, Vermont Property Taxes
The median property tax rate in Woodford, VT is 1.70%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Woodford, the typical annual property tax bill reaches $2,500, slightly below the national median of $2,690. Property taxes in Woodford 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 Woodford'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 Woodford 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
Woodford, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$2,505
Ownwell’s WOODFORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WOODFORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WOODFORD 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 Woodford, Vermont
Property taxes in Woodford, Vermont, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodford is 1.70%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Woodford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodford 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 Woodford's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05201 has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Woodford 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 Woodford Tax Rate
1.70%
Average Bennington County Tax Rate
2.14%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Woodford, Vermont
In Woodford, 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 local authorities 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 Woodford, 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 Woodford is $147,350, and property tax bills vary significantly. For instance, the 25th percentile tax bill is $1,577, while the 75th percentile tax bill is $3,382, and the 90th percentile tax bill is $4,635. The highest and lowest median tax bills are both $2,500, located in the 05201 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Woodford Assessed Value
$147,350
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 Woodford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | $36,850 | $92,650 | $147,350 | $198,250 | $271,070 |
Source: Ownwell
Property Tax Bills Across Woodford, Vermont
In Woodford, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions are considered in the assessment process. For instance, the median home price in Woodford is $147,350, and property taxes can vary significantly within the city. Homeowners at the 25th percentile can expect a tax bill of around $1,577, while those at the 75th percentile might see bills as high as $3,382. At the 90th percentile, tax bills can reach up to $4,635. These figures illustrate how property taxes can impact homeowners differently, depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Woodford's tax rates can result in a wide range of tax liabilities for its residents.
Average Woodford Tax Bill
$2,500
Average Bennington County Tax Bill
$4,152
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodford, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05201 | $623 | $1,577 | $2,500 | $3,382 | $4,635 |
Source: Ownwell