Jay Peak, Orleans County, Vermont Property Taxes
The median property tax rate in Jay Peak, VT is 1.82%, significantly higher than the national median of 0.99% but lower than the Vermont state median of 2.11%. With the median home value in Jay Peak at $233,850, the typical annual property tax bill reaches $4,263, surpassing the national median of $2,690. Property taxes in Jay Peak are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Jay Peak'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 Jay Peak 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
Jay Peak, Orleans County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$4,256
$3,950
Ownwell’s Jay Peak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jay Peak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jay Peak 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 Jay Peak, Orleans County, Vermont
Property taxes in Jay Peak, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jay Peak is 1.82%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jay Peak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jay Peak 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 Jay Peak's effective property tax rate to other counties in Vermont and the national median. For comparison, the zip code 05859 has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Jay Peak 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 Jay Peak Tax Rate
1.82%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jay Peak, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Jay Peak, Orleans County, Vermont
In Jay Peak, 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 Jay Peak, 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 Jay Peak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the zip code 05859 in Jay Peak has both the highest and lowest median tax bill, standing at $4,263. This insight can be useful for property owners in understanding the range of property tax obligations in their area.
Property Tax Assessment Values Across Jay Peak, Orleans County, Vermont
Source: Ownwell
$29,350
$131,600
$233,850
Average Jay Peak Assessed Value
$233,850
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 Jay Peak, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $222,600 | $227,900 | $233,850 | $348,100 | $520,100 |
Source: Ownwell
Property Tax Bills Across Jay Peak, Orleans County, Vermont
In Jay Peak, located in Orleans County, VT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $233,850. Homeowners in Jay Peak can expect their property tax bills to vary significantly, with the 25th percentile bill at $4,155 and the 75th percentile bill reaching $6,346. For those in the 90th percentile, tax bills can soar to $9,481. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. The assessed value is determined by local assessors and reflects the property's market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. High property tax bills can significantly impact homeowners, affecting their overall housing affordability and monthly budget. Comparatively, the national median property tax rate is 0.99%, making Jay Peak's property taxes notably higher. This can be a crucial consideration for potential homeowners evaluating the cost of living in this picturesque Vermont locale.
Average Jay Peak Tax Bill
$4,263
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Jay Peak, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05859 | $4,058 | $4,155 | $4,263 | $6,346 | $9,481 |
Source: Ownwell