Canaan, Essex County, Vermont Property Taxes
The median property tax rate in Canaan, VT is 1.88%, considerably higher than the national median of 0.99% but lower than the Vermont state median of 2.11%. With the median home value in Canaan at $135,900, the typical annual property tax bill reaches $2,580, just below the national median of $2,690. Property taxes in Canaan 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 Canaan'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 Canaan 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
Canaan, Essex County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$2,555
$2,371
Ownwell’s Canaan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canaan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canaan 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 Canaan, Essex County, Vermont
Property taxes in Canaan, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canaan is 1.88%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Canaan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canaan 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 Canaan's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05903 zip code has the highest median property tax rate of 1.88%, while the 05903 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Canaan provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canaan Tax Rate
1.88%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canaan, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Canaan, Essex County, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Canaan, 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 Essex 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 Canaan, 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. For instance, the median home price in Canaan is $135,900, with the 25th percentile tax bill at $1,899 and the 75th percentile tax bill at $3,758. Notably, the highest and lowest median tax bills both stand at $2,580 in the 05903 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 the tax burden.
Property Tax Assessment Values Across Canaan, Essex County, Vermont
Source: Ownwell
$39,000
$136,600
$234,200
Average Canaan Assessed Value
$135,900
Average Essex County Assessed Value
$115,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canaan, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | $57,600 | $99,600 | $135,900 | $198,800 | $284,600 |
Source: Ownwell
Property Tax Bills Across Canaan, Essex County, Vermont
In Canaan, VT, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is an estimate of the market value of the property, which is periodically updated by local assessors. The local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. Homeowners in Canaan face a range of property tax bills. For instance, the 25th percentile tax bill is $1,899, while the 75th percentile reaches $3,758. At the higher end, the 90th percentile tax bill is a substantial $5,404. These figures illustrate the variability in tax obligations based on property values and local tax rates. Compared to the national median property tax rate of 0.99%, the tax burden in Canaan can be significant, impacting homeowners' finances and influencing decisions about property improvements and real estate investments.
Average Canaan Tax Bill
$2,580
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Canaan, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05903 | $1,107 | $1,899 | $2,580 | $3,758 | $5,404 |
Source: Ownwell