Peacham, Vermont Property Taxes
The median property tax rate in Peacham, VT is 2.15%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Peacham, the typical annual property tax bill reaches $4,524, exceeding the national median of $2,690. Property taxes in Peacham 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 Peacham'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 Peacham 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
Peacham, 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 Peacham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peacham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peacham 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 Peacham, Vermont
Property taxes in Peacham, Vermont, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Peacham is 2.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Peacham set these rates annually, and they can vary across different neighborhoods. Each year, Peacham 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 Peacham's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05862 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these areas compare with Peacham provides valuable insights into the varying tax landscape across Caledonia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peacham Tax Rate
2.15%
Average Caledonia County Tax Rate
2.48%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peacham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05862 | 2.15% | 2.15% | 2.15% | 2.15% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Peacham, Vermont
In Peacham, 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 Caledonia 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 Peacham, 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. Peacham has a median home price of $210,500, with tax bills ranging from $3,131 at the 25th percentile to $8,804 at the 90th percentile. The highest and lowest median tax bills in the area are both $4,524 in the 05862 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 Peacham Assessed Value
$210,500
Average Caledonia County Assessed Value
$151,500
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peacham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05862 | $82,660 | $142,800 | $210,500 | $289,700 | $409,680 |
Source: Ownwell
Property Tax Bills Across Peacham, Vermont
In Peacham, Vermont, located in Caledonia County, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Peacham is $210,500. Homeowners’ tax bills can vary significantly, influenced by factors such as property size, location, and improvements. For instance, the tax bill at the 25th percentile is $3,131, while it rises to $6,226 at the 75th percentile and reaches $8,804 at the 90th percentile. This variation indicates that higher-valued properties or those with substantial improvements incur higher tax liabilities. Peacham's property tax rate is notably higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding requirements for public services such as schools and infrastructure. Consequently, homeowners in Peacham need to budget accordingly and may consider appealing their property tax assessments if they believe their home's assessed value does not accurately reflect its market value.
Average Peacham Tax Bill
$4,524
Average Caledonia County Tax Bill
$3,630
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Peacham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05862 | $1,776 | $3,131 | $4,524 | $6,226 | $8,804 |
Source: Ownwell