South Royalton, Orange County, Vermont Property Taxes
The median property tax rate in South Royalton, VT is 2.25%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in South Royalton, the typical annual property tax bill reaches $3,693, surpassing the national median of $2,690. Property taxes in South Royalton 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 South Royalton'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 South Royalton 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
South Royalton, Orange County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$3,687
$3,421
Ownwell’s South Royalton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Royalton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Royalton 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 South Royalton, Orange County, Vermont
Property taxes in South Royalton, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Royalton is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within South Royalton set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Royalton 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 South Royalton's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05068 zip code has the highest median property tax rate of 1.86%, while the same 05068 zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with South Royalton 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 South Royalton Tax Rate
2.25%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Royalton, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05068 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across South Royalton, Orange County, Vermont
In South Royalton, 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. In South Royalton, 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. For example, the highest median tax bill in the area is $3,693 in the 05068 zip code, which also has the lowest median tax bill at $3,693. 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 South Royalton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Royalton, Orange County, Vermont
Source: Ownwell
$135,700
$218,350
$301,000
Average South Royalton Assessed Value
$163,850
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 South Royalton, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05068 | $67,450 | $122,650 | $163,850 | $232,075 | $307,130 |
Source: Ownwell
Property Tax Bills Across South Royalton, Orange County, Vermont
In South Royalton, located in Orange County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town’s assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $163,850, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $2,764, while those in the 75th percentile face bills as high as $5,231. At the 90th percentile, property tax bills can reach up to $6,923. The highest median tax bill in the area is $3,693, which is notably higher than the national median property tax rate of 0.99%. These variations highlight the significant impact of property taxes on homeowners in South Royalton, influencing their financial planning and the overall affordability of homeownership in the region.
Average South Royalton Tax Bill
$3,693
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across South Royalton, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05068 | $1,520 | $2,764 | $3,693 | $5,231 | $6,923 |
Source: Ownwell