Albany, Orleans County, Vermont Property Taxes
The median property tax rate in Albany, VT is 2.01%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Albany, the typical annual property tax bill reaches $2,638, which is slightly below the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany or another part of Orleans County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany, Orleans County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$2,623
$2,434
Ownwell’s Albany Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular insights, we offer localized information that highlights neighborhood-specific trends. Your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Albany, Orleans County, Vermont
Property taxes in Albany, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 2.01%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other areas in Orleans County and the national median. For comparison, the zip code 05820 has both the highest and lowest median property tax rate of 2.01%. Understanding how these areas compare with Albany provides valuable insights into the varying tax landscape across Orleans County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
2.01%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05820 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Orleans County, Vermont
In Albany, 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 Orleans 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. 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Albany is 05820, with a median tax bill of $2,638.
Property Tax Assessment Values Across Albany, Orleans County, Vermont
Source: Ownwell
$29,350
$131,600
$233,850
Average Albany Assessed Value
$130,500
Average Orleans County Assessed Value
$150,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05820 | $44,760 | $87,950 | $130,500 | $192,400 | $264,180 |
Source: Ownwell
Property Tax Bills Across Albany, Orleans County, Vermont
In Albany, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in the area is $130,500. Homeowners' tax bills are influenced by the local tax rate, which is applied to the assessed value of their property. Several factors, including property size, location, and improvements, play a role in determining the assessed value. For perspective, the 25th percentile tax bill in Albany is $1,768, while the 75th percentile reaches $3,873, and the 90th percentile is as high as $5,324. These figures indicate a significant range in property tax bills, reflecting the diversity in property values and assessments within the city. Homeowners in Albany face property tax rates that can considerably impact their annual expenses. Given that the national median property tax rate is 0.99%, Albany homeowners may find their property tax bills higher or lower depending on their property's assessed value and the local tax rate.
Average Albany Tax Bill
$2,638
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05820 | $898 | $1,768 | $2,638 | $3,873 | $5,324 |
Source: Ownwell