Concord, Vermont Property Taxes
The median property tax rate in Concord, VT is 2.36%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Concord, the typical annual property tax bill reaches $2,676, closely aligning with the national median of $2,690. Property taxes in Concord 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 Concord'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 Concord 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
Concord, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$2,705
Ownwell’s Concord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Concord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Concord 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 Concord, Vermont
Property taxes in Concord, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Concord is 2.36%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Concord 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 Concord's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05824 zip code has the highest median property tax rate of 2.36%, while the 05824 zip code also has the lowest median tax rate of 2.36%. Understanding how these areas compare with Concord 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 Concord Tax Rate
2.36%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Concord, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05824 | 2.36% | 2.36% | 2.36% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Concord, Vermont
In Concord, 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 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 Concord, 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. Being aware of these valuation processes in Concord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Concord is $114,600, with tax bills ranging from $1,546 at the 25th percentile to $4,966 at the 90th percentile.
Average Concord Assessed Value
$114,600
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 Concord, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05824 | $31,640 | $65,600 | $114,600 | $159,100 | $210,600 |
Source: Ownwell
Property Tax Bills Across Concord, Vermont
In Concord, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in Concord face a median property tax rate that significantly impacts their annual tax bill. For example, with a median home price of $114,600, the tax bill can vary widely. At the 25th percentile, homeowners might pay around $1,546, while those at the 75th percentile could see bills as high as $3,736. The top 10% of tax bills can reach up to $4,966. Several factors influence these tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. These factors combined determine the financial obligation of homeowners. Comparing this to the national median property tax rate of 0.99%, it’s evident that property taxes in Concord can be relatively high or low depending on specific circumstances. Understanding these factors helps homeowners anticipate their annual property tax responsibilities and plan their finances accordingly.
Average Concord Tax Bill
$2,676
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Concord, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05824 | $743 | $1,546 | $2,676 | $3,736 | $4,966 |
Source: Ownwell