Topsham, Vermont Property Taxes
The median property tax rate in Topsham, VT is 2.23%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Topsham at $142,700, the typical annual property tax bill reaches $3,208, exceeding the national median of $2,690. Property taxes in Topsham 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 Topsham'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 Topsham 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
Topsham, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$3,182
Ownwell’s Topsham Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Topsham with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Topsham to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Topsham, Vermont
Property taxes in Topsham, Vermont, are essential in funding critical local services like public schools, road maintenance, and emergency services. The median tax rate in Topsham is 2.23%, significantly higher than the U.S. national median of 0.99%. Local government entities within Topsham set these rates annually, and they can vary across different neighborhoods. Each year, Topsham 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 Topsham's effective property tax rate to other areas in Orange County and the national median. For comparison, the zip code 05076 has both the highest and lowest median property tax rate of 2.23%, which is the same as Topsham's rate. Understanding how these cities compare with Topsham 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 Topsham Tax Rate
2.23%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topsham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05076 | 2.22% | 2.22% | 2.23% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Topsham, Vermont
In Topsham, 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 Topsham, 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 Topsham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $3208 in the 05076 zip code, while the lowest is also $3208 in the same zip code.
Average Topsham Assessed Value
$142,700
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 Topsham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05076 | $42,900 | $83,125 | $142,700 | $201,425 | $286,750 |
Source: Ownwell
Property Tax Bills Across Topsham, Vermont
In Topsham, 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 represents a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Topsham, the median home price is $142,700. The tax bills can vary significantly, with the 25th percentile tax bill being $1,845 and the 75th percentile reaching $4,543. At the higher end, the 90th percentile tax bill can be as much as $6,365. These property taxes fund essential local services such as schools, infrastructure, and public safety. The impact on homeowners can be substantial, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Topsham Tax Bill
$3,208
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Topsham, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05076 | $997 | $1,845 | $3,208 | $4,543 | $6,365 |
Source: Ownwell