Island Pond, Essex County, Vermont Property Taxes
The median property tax rate in Island Pond, VT is 2.23%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Island Pond, the typical annual property tax bill reaches $2,698, just above the national median of $2,690. Property taxes in Island Pond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Island Pond'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 Island Pond or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Island Pond, Essex County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$2,515
$2,334
Ownwell’s Island Pond Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Island Pond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island Pond 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 Island Pond, Essex County, Vermont
Property taxes in Island Pond, Vermont, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island Pond is 2.23%, significantly higher than the U.S. national median of 0.99%. Local government entities within Island Pond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island Pond 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 Island Pond's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05846 zip code has both the highest and lowest median property tax rate of 2.23%. Understanding how these cities compare with Island Pond 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 Island Pond Tax Rate
2.23%
Average Essex County Tax Rate
2.23%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island Pond, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05846 | 2.23% | 2.23% | 2.23% | 2.23% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Island Pond, Essex County, Vermont
In Island Pond, 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 Island Pond, 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 Island Pond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,698 in the 05846 zip code, showing a consistent tax environment across the area.
Property Tax Assessment Values Across Island Pond, Essex County, Vermont
Source: Ownwell
$39,000
$136,600
$234,200
Average Island Pond Assessed Value
$112,800
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 Island Pond, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05846 | $26,740 | $63,100 | $112,800 | $171,400 | $250,000 |
Source: Ownwell
Property Tax Bills Across Island Pond, Essex County, Vermont
In Island Pond, Essex County, VT, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local tax assessors. Factors such as property size, location, and improvements can influence this valuation. Homeowners in Island Pond can expect a median property tax bill of around $2,698, which is significantly higher than the national median property tax rate of 0.99%. For a home valued at $112,800, tax bills can range from $1,648 at the 25th percentile to $3,956 at the 75th percentile, and up to $5,657 at the 90th percentile. This variation highlights the impact of property assessments and local tax rates on individual tax bills. High property taxes can affect homeowners by increasing annual expenses, which might influence decisions related to property investment and homeownership affordability in the area.
Average Island Pond Tax Bill
$2,698
Average Essex County Tax Bill
$2,384
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Island Pond, Essex County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05846 | $1,046 | $1,648 | $2,698 | $3,956 | $5,657 |
Source: Ownwell