Highgate Springs, Vermont Property Taxes
The median property tax rate in Highgate Springs, VT is 2.01%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Highgate Springs at $391,700, the typical annual property tax bill reaches $7,889, significantly exceeding the national median of $2,690. Property taxes in Highgate Springs 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 Highgate Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Highgate Springs or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Highgate Springs, 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 Highgate Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highgate Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highgate Springs 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 Franklin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Highgate Springs, Vermont
Property taxes in Highgate Springs, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highgate Springs is 1.88%, higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Highgate Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highgate Springs 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 Highgate Springs' effective property tax rate to other counties in Vermont and the national median. Understanding how these cities compare with Highgate Springs provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highgate Springs Tax Rate
2.01%
Average Franklin County Tax Rate
2.01%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highgate Springs, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05460 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Highgate Springs, Vermont
In Highgate Springs, 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 Franklin 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 Highgate Springs, 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 Highgate Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Highgate Springs is $391,700, with the highest and lowest median tax bills both being $7,889 in the 05460 zip code.
Property Tax Assessment Values Across Highgate Springs, Vermont
Source: Ownwell
$130,000
$260,850
$391,700
Average Highgate Springs Assessed Value
$391,700
Average Franklin County Assessed Value
$195,300
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highgate Springs, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05460 | $391,700 | $391,700 | $391,700 | $391,700 | $391,700 |
Source: Ownwell
Property Tax Bills Across Highgate Springs, Vermont
In Highgate Springs, Franklin County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's size, location, and condition, as well as recent sales of comparable properties in the area. Homeowners in Highgate Springs face a median property tax bill of $7,889, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill reflects the assessed values and the local tax rate applied in the region. The consistent tax bill across various percentiles suggests a uniformity in property assessments and tax rates within the area. For homeowners, these property taxes fund essential local services such as schools, public safety, and infrastructure. While the tax burden can be substantial, it also contributes to maintaining and improving community resources and services.
Average Highgate Springs Tax Bill
$7,889
Average Franklin County Tax Bill
$2,567
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Highgate Springs, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05460 | $7,889 | $7,889 | $7,889 | $7,889 | $7,889 |
Source: Ownwell