Derby, Vermont Property Taxes
The median property tax rate in Derby, VT is 1.94%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Derby, the typical annual property tax bill reaches $2,430, slightly below the national median of $2,690. Property taxes in Derby 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 Derby'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 Derby 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
Derby, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$2,668
Ownwell’s Derby Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Derby with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Derby to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities and plan accordingly. For those interested in more detailed information, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Derby, Vermont
Property taxes in Derby, Vermont, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby is 1.94%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Derby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby 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 Derby's effective property tax rate to other areas in Vermont and the national median. For comparison, the zip code 05829 has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these areas compare with Derby 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 Derby Tax Rate
1.94%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | 0.91% | 1.52% | 1.94% | 2.04% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Derby, Vermont
In Derby, 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 officials 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 Derby, 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. For instance, Derby's median home price is $137,500, with property tax bills ranging from $1,438 at the 25th percentile to $5,454 at the 90th percentile. The highest and lowest median tax bill in the area is $2,430, found in zip code 05829. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Derby Assessed Value
$137,500
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 Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | $43,200 | $94,200 | $137,500 | $203,100 | $303,100 |
Source: Ownwell
Property Tax Bills Across Derby, Vermont
In Derby, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Derby face varying property tax bills, with the 25th percentile at $1,438 and the 75th percentile at $3,558. The 90th percentile tax bill can reach up to $5,454. These figures highlight the range of property taxes depending on property value and other factors. Comparatively, Derby's median property tax rate is higher than the national median of 0.99%, reflecting the local government's funding needs for public services and infrastructure. This higher rate can significantly impact homeowners, influencing their overall housing costs and financial planning. The highest and lowest median tax bills in Orleans County, both at $2,430, further illustrate the consistency within the region.
Average Derby Tax Bill
$2,430
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Derby, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05829 | $587 | $1,438 | $2,430 | $3,558 | $5,454 |
Source: Ownwell