Thetford Center, Orange County, Vermont Property Taxes
The median property tax rate in Thetford Center, VT is 2.56%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Thetford Center at $235,010, the typical annual property tax bill reaches $5,204, far exceeding the national median of $2,690. Property taxes in Thetford Center 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 Thetford Center'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 Thetford Center 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
Thetford Center, Orange County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$6,016
$5,583
Ownwell’s Thetford Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thetford Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thetford Center 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 Thetford Center, Orange County, Vermont
Property taxes in Thetford Center, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thetford Center is 2.56%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Thetford Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thetford Center 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 Thetford Center's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05075 zip code has the highest median property tax rate of 2.56%, while the 05075 zip code also has the lowest median tax rate of 2.56%. Understanding how these areas compare with Thetford Center 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 Thetford Center Tax Rate
2.56%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thetford Center, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05075 | 1.10% | 2.00% | 2.56% | 2.57% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Thetford Center, Orange County, Vermont
In Thetford Center, 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 Thetford Center, 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 Thetford Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 05075, with a median tax bill of $5,204.
Property Tax Assessment Values Across Thetford Center, Orange County, Vermont
Source: Ownwell
$135,700
$218,350
$301,000
Average Thetford Center Assessed Value
$235,010
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 Thetford Center, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05075 | $135,696 | $176,925 | $235,010 | $325,365 | $444,444 |
Source: Ownwell
Property Tax Bills Across Thetford Center, Orange County, Vermont
In Thetford Center, 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, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and recent sales of comparable properties influence the assessed value. For homeowners in Thetford Center, the median home price is $235,010. Property tax bills in this area can vary significantly, with the 25th percentile paying around $3,515 annually, while those in the 75th percentile see bills closer to $7,505. The 90th percentile can reach as high as $9,809. Comparatively, the national median property tax rate is 0.99%, highlighting that property taxes in Thetford Center can be relatively high, impacting homeowners' annual expenses and influencing their financial planning and homeownership decisions.
Average Thetford Center Tax Bill
$5,204
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Thetford Center, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05075 | $1,810 | $3,515 | $5,204 | $7,505 | $9,809 |
Source: Ownwell