Derby Line, Orleans County, Vermont Property Taxes
The median property tax rate in Derby Line, VT is 2.04%, 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 Line, the typical annual property tax bill reaches $2,495, slightly below the national median of $2,690. Property taxes in Derby Line 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 Line'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 Line 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
Derby Line, Orleans County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$2,532
$2,349
Ownwell’s Derby Line Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derby Line with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derby Line 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 Derby Line, Orleans County, Vermont
Property taxes in Derby Line, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby Line is 1.70%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Derby Line set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby Line 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 Line's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05830 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Derby Line 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 Line Tax Rate
2.04%
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 Line, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05830 | 1.22% | 1.67% | 2.04% | 2.83% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Derby Line, Orleans County, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Derby Line, Vermont. 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 Derby Line, 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 Derby Line helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $124,100, with median tax bills ranging from $1,784 at the 25th percentile to $5,305 at the 90th percentile. The zip code 05830 has the highest and lowest median tax bill, both at $2,495.
Property Tax Assessment Values Across Derby Line, Orleans County, Vermont
Source: Ownwell
$29,350
$131,600
$233,850
Average Derby Line Assessed Value
$124,100
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 Line, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05830 | $63,100 | $96,600 | $124,100 | $156,700 | $212,100 |
Source: Ownwell
Property Tax Bills Across Derby Line, Orleans County, Vermont
In Derby Line, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property location, size, and condition are considered during the assessment process. For instance, the median home price in Derby Line is $124,100. Homeowners in the 25th percentile can expect to pay around $1,784 annually, while those in the 75th percentile face bills around $3,682. At the 90th percentile, the tax bill can reach up to $5,305. This variation illustrates how property value assessments and local tax rates can significantly impact the financial obligations of homeowners. Compared to the national median property tax rate of 0.99%, Derby Line's property tax rates reflect the unique economic and property value conditions of the area, influencing how much homeowners ultimately pay each year.
Average Derby Line Tax Bill
$2,495
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 Line, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05830 | $1,116 | $1,784 | $2,495 | $3,682 | $5,305 |
Source: Ownwell