Franklin County, Vermont Property Taxes

Local government entities are responsible for setting property tax rates, which can differ significantly within a state. Each year, counties estimate their required budget to fund services and divide this by the total assessed value of all taxable property in their jurisdiction, resulting in the property tax rate. This process, while influenced by votes and laws, is essentially how property tax rates are determined annually.

In Franklin County, Vermont, the effective property tax rate is notably higher than the national median property tax rate of 1.02%. This places Franklin County among areas with higher property tax burdens. To put this into perspective, Franklin County's rate is below the highest median tax rate in Vermont, found in Fairfield at 2.48%, but significantly above the lowest, in Fairfax at 0.49%. This variation highlights the importance of understanding local tax rates and how they compare to both state and national averages. By being informed, property owners can better navigate their tax obligations and potentially seek appeals or exemptions where applicable.

In Franklin County, VT, property tax bills are determined by applying the local tax rate to the assessed value of a home. The median home price in the county is $195,300, which serves as a basis for calculating the tax bill. The assessed value is influenced by the property's market value, location, and any applicable exemptions. Homeowners in Franklin County experience varied tax bills, with the 25th percentile at $1,005 and the 75th percentile reaching $4,251. Notably, the 90th percentile tax bill is $5,903, indicating a significant range in what residents might pay.

Fairfield stands out with the highest median tax bill of $4,572, while Fairfax offers some relief with the lowest median tax bill at $1,413. Compared to the national median property tax rate of 1.02% and a median tax bill of $2,400, Franklin County presents a diverse tax landscape. These tax obligations can significantly impact homeowners, influencing their financial planning and housing decisions. Understanding these factors is crucial for managing property tax liabilities effectively.