West Fairlee, Vermont Property Taxes
The median property tax rate in West Fairlee, VT is 2.45%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $136,000 in West Fairlee, the typical annual property tax bill reaches $3,181, surpassing the national median of $2,690. Property taxes in West Fairlee are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding West Fairlee'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 West Fairlee or another part of Orange County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Fairlee, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$3,332
Ownwell’s West Fairlee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Fairlee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Fairlee 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 West Fairlee, Vermont
Property taxes in West Fairlee, Vermont, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in West Fairlee is 1.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within West Fairlee set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Fairlee 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 West Fairlee's effective property tax rate to the national median. For comparison, the zip code 05083 has the highest and lowest median property tax rate of 1.73%. Understanding how these cities compare with West Fairlee 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 West Fairlee Tax Rate
2.45%
Average Orange County Tax Rate
2.24%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05083 | 2.45% | 2.45% | 2.45% | 2.45% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across West Fairlee, Vermont
In West Fairlee, 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 West Fairlee, 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 West Fairlee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Fairlee is $136,000, with tax bills ranging from $1,860 at the 25th percentile to $7,748 at the 90th percentile. The highest and lowest median tax bill, both at $3,181, are found in the 05083 zip code.
Average West Fairlee Assessed Value
$136,000
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 West Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05083 | $49,460 | $80,000 | $136,000 | $220,550 | $340,000 |
Source: Ownwell
Property Tax Bills Across West Fairlee, Vermont
In West Fairlee, 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, reflecting the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $136,000, the tax bill can vary significantly. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. In West Fairlee, the tax bill at the 25th percentile is approximately $1,860, while at the 75th percentile, it rises to about $5,108. For those in the 90th percentile, it can reach up to $7,748. This variation highlights the importance of accurate assessments and the impact of local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, West Fairlee's rates can lead to higher tax bills, affecting homeowners' financial planning and property investments.
Average West Fairlee Tax Bill
$3,181
Average Orange County Tax Bill
$3,722
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across West Fairlee, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05083 | $1,078 | $1,860 | $3,181 | $5,108 | $7,748 |
Source: Ownwell