West Topsham, Orange County, Vermont Property Taxes
The median property tax rate in West Topsham, VT is 2.22%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in West Topsham at $135,700, the typical annual property tax bill reaches $3,099, exceeding the national median of $2,690. Property taxes in West 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 West 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 West Topsham 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 Topsham, Orange County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$3,013
$2,796
Ownwell’s West Topsham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Topsham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Topsham 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 Orange County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across West Topsham, Orange County, Vermont
Property taxes in West Topsham, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Topsham is 2.22%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within West Topsham set these rates annually, and they can vary significantly across different neighborhoods. Each year, West 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. Understanding how West Topsham compares with other areas in Orange County and beyond provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average West Topsham Tax Rate
2.22%
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 Topsham, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05086 | 2.22% | 2.22% | 2.22% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across West Topsham, Orange County, Vermont
In West 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 local authorities 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 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 West Topsham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Orange County is $3,099 in the 05086 zip code, which is also the lowest median tax bill in the same zip code.
Property Tax Assessment Values Across West Topsham, Orange County, Vermont
Source: Ownwell
$135,700
$218,350
$301,000
Average West Topsham Assessed Value
$135,700
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 West Topsham, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05086 | $62,300 | $94,600 | $135,700 | $204,000 | $279,900 |
Source: Ownwell
Property Tax Bills Across West Topsham, Orange County, Vermont
In West Topsham, Orange County, VT, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $135,700, homeowners can expect varying tax bills based on their property's assessed value and specific tax rate applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in West Topsham experience a range of tax bills, with the 25th percentile at $2,162 and the 75th percentile at $4,538. Those in the 90th percentile face higher bills, around $6,217. The highest and lowest median tax bills in the area are both $3,099, reflecting a consistent tax rate within the "05086" zip code. Compared to the national median property tax rate of 0.99%, West Topsham's tax rates can significantly impact homeowners, making it essential to understand local tax policies and potential exemptions.
Average West Topsham Tax Bill
$3,099
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 Topsham, Orange County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05086 | $1,463 | $2,162 | $3,099 | $4,538 | $6,217 |
Source: Ownwell