Corinth, Orange County, Vermont Property Taxes
The median property tax rate in Corinth, VT is 2.24%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Corinth at $154,600, the typical annual property tax bill reaches $3,426, exceeding the national median of $2,690. Property taxes in Corinth 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 Corinth'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 Corinth 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
Corinth, Orange County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$3,463
$3,214
Ownwell’s Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Orange County, Vermont
Property taxes in Corinth, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinth is 2.24%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05039 zip code has the highest median property tax rate of 2.24%, while the 05039 zip code also has the lowest median tax rate of 2.24%. Understanding how these areas compare with Corinth provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
2.24%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05039 | 2.24% | 2.24% | 2.24% | 2.24% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Orange County, Vermont
In Corinth, 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 Orange 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. 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. In Corinth, the median home price is $154,600, and understanding these valuation concepts can help property owners better navigate their tax responsibilities. The zip code with the highest and lowest median tax bills is 05039, both at $3,426. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Corinth, Orange County, Vermont
Source: Ownwell
$135,700
$218,350
$301,000
Average Corinth Assessed Value
$154,600
Average Orange County Assessed Value
$178,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05039 | $55,950 | $93,200 | $154,600 | $226,550 | $301,900 |
Source: Ownwell
Property Tax Bills Across Corinth, Orange County, Vermont
In Corinth, Orange County, VT, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For example, with a median home price of $154,600, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,041, while those in the 75th percentile pay approximately $5,033. The top 10% of homeowners face tax bills as high as $6,713. Factors such as property size, location, and any improvements can influence the assessed value. Additionally, local government budgets and school funding needs play a critical role in setting the tax rate. This can significantly impact homeowners, as higher property taxes can increase the overall cost of homeownership, affecting affordability and potentially property values. Notably, the highest and lowest median tax bills in the region are both $3,426, indicating a relatively consistent taxation approach across different areas within the same zip code, 05039.
Average Corinth Tax Bill
$3,426
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05039 | $1,249 | $2,041 | $3,426 | $5,033 | $6,713 |
Source: Ownwell