Randolph, Vermont Property Taxes
The median property tax rate in Randolph, VT is 2.41%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Randolph, the typical annual property tax bill reaches $4,432, exceeding the national median of $2,690. Property taxes in Randolph 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 Randolph'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 Randolph 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
Randolph, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$4,124
Ownwell’s Randolph Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph 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 Randolph, Vermont
Property taxes in Randolph, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 2.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05060 has the highest median property tax rate of 2.41%, while zip code 05041 has the lowest median tax rate of 2.41%. Understanding how these areas compare with Randolph 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 Randolph Tax Rate
2.41%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05041 | 2.41% | 2.41% | 2.41% | 2.41% | 2.41% |
| 05060 | 2.41% | 2.41% | 2.41% | 2.63% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Vermont
In Randolph, 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 in Randolph 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 Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Randolph is $5,457 in zip code 05041, while the lowest is $4,430 in zip code 05060.
Average Randolph Assessed Value
$171,100
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 Randolph, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05041 | $226,800 | $226,800 | $226,800 | $226,800 | $226,800 |
| 05060 | $58,380 | $128,375 | $171,050 | $247,025 | $355,610 |
Source: Ownwell
Property Tax Bills Across Randolph, Vermont
In Randolph, Orange County, VT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the town’s assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Randolph, the median home price is $171,100. The property tax rate in this area results in a median tax bill that can vary significantly. For instance, the 25th percentile of tax bills is around $3,418, while the 75th percentile reaches up to $5,915. At the 90th percentile, homeowners might see tax bills as high as $7,985. These property taxes can significantly impact homeowners, influencing their overall housing costs and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, Randolph’s rates highlight the importance of understanding local tax obligations and their implications on homeownership.
Average Randolph Tax Bill
$4,432
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05041 | $5,457 | $5,457 | $5,457 | $5,457 | $5,457 |
| 05060 | $2,195 | $3,417 | $4,430 | $5,915 | $7,986 |
Source: Ownwell