Newport, Orleans County, Vermont Property Taxes
The median property tax rate in Newport, VT is 2.98%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $137,100 in Newport, the typical annual property tax bill reaches $3,117, surpassing the national median of $2,690. Property taxes in Newport 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 Newport'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 Newport 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
Newport, Orleans County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.98%
Estimate Property Tax Bill
$4,086
$3,791
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Orleans County, Vermont
Property taxes in Newport, Vermont, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 2.98%, significantly higher than the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05855 zip code has the highest median property tax rate of 2.98%, while the same zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Newport 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 Newport Tax Rate
2.98%
Average Orleans County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05855 | 1.21% | 1.67% | 2.98% | 2.98% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Orleans County, Vermont
In Newport, 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newport is $137,100, with tax bills ranging from $2,201 at the 25th percentile to $6,421 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 05855, with a median tax bill of $3,117.
Property Tax Assessment Values Across Newport, Orleans County, Vermont
Source: Ownwell
$29,350
$131,600
$233,850
Average Newport Assessed Value
$137,100
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 Newport, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05855 | $65,600 | $94,500 | $137,100 | $203,600 | $299,220 |
Source: Ownwell
Property Tax Bills Across Newport, Orleans County, Vermont
In Newport, located in Orleans County, VT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. Homeowners in Newport can expect their tax bills to be influenced by various factors, including the assessed value of their property and the local tax rate. The median home price in Newport is $137,100, and the property tax rate in the area significantly impacts the annual tax bills. For instance, homeowners in the 25th percentile of tax bills pay around $2,201 annually, while those in the 75th percentile see tax bills of approximately $4,451. At the higher end, the 90th percentile tax bill reaches up to $6,421. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local tax policies and property values in Newport. Higher property taxes can affect homeowners by increasing their annual financial obligations, making it essential for them to budget accordingly. Understanding these factors helps homeowners anticipate their tax bills and manage their finances effectively.
Average Newport Tax Bill
$3,117
Average Orleans County Tax Bill
$3,124
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Orleans County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05855 | $1,254 | $2,201 | $3,117 | $4,451 | $6,421 |
Source: Ownwell