Craftsbury, Vermont Property Taxes
The median property tax rate in Craftsbury, 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 Craftsbury at $177,600, the typical annual property tax bill reaches $2,112, exceeding the national median of $2,690. Property taxes in Craftsbury 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 Craftsbury'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 Craftsbury 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
Craftsbury, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$3,570
Ownwell’s Craftsbury Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Craftsbury using just two data points. Simply enter your property's estimated assessed value, and the calculator will apply the median tax rate in Craftsbury to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed information, neighborhood-level trends are also available. Your property’s assessed value, determined by Orleans County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Craftsbury, Vermont
Property taxes in Craftsbury, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Craftsbury is 2.01%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Craftsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craftsbury 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 Craftsbury's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05826 has the highest median property tax rate of 2.01%, while the lowest median tax rate is also 2.01% in the same zip code. Understanding how these cities compare with Craftsbury 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 Craftsbury 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 Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | 2.01% | 2.01% | 2.01% | 2.22% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Craftsbury, Vermont
In Craftsbury, 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. In Craftsbury, 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 Craftsbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Craftsbury is $177,600, with median tax bills ranging from $1,588 at the 25th percentile to $3,416 at the 75th percentile, and up to $5,278 at the 90th percentile. The highest and lowest median tax bills are both recorded at $2,112 in the 05826 zip code.
Average Craftsbury Assessed Value
$177,600
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 Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | $54,820 | $107,700 | $177,600 | $255,050 | $350,960 |
Source: Ownwell
Property Tax Bills Across Craftsbury, Vermont
In Craftsbury, Orleans County, VT, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value determined by the town's assessor, which reflects the property's worth. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For example, homes in desirable neighborhoods or with recent upgrades may have higher assessed values. Craftsbury's property tax rates are relatively high compared to the national median rate of 0.99%. Homeowners in Craftsbury can expect tax bills ranging from $1,588 at the 25th percentile to $5,278 at the 90th percentile. The median home price in Craftsbury is $177,600, and the median tax bill is $2,112, which is significantly higher than the national average, impacting homeowners by increasing their annual housing costs.
Average Craftsbury Tax Bill
$2,112
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Craftsbury, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05826 | $1,127 | $1,588 | $2,112 | $3,416 | $5,278 |
Source: Ownwell