Bomoseen, Rutland County, Vermont Property Taxes
The median property tax rate in Bomoseen, VT is 2.11%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Bomoseen, the typical annual property tax bill reaches $4,026, exceeding the national median of $2,690. Property taxes in Bomoseen 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 Bomoseen'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 Bomoseen 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
Bomoseen, Rutland County, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$3,937
$3,654
Ownwell’s Bomoseen Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bomoseen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bomoseen 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 Rutland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bomoseen, Rutland County, Vermont
Property taxes in Bomoseen, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bomoseen is 1.86%, significantly higher than both the Vermont state median of 1.86% and the U.S. national median of 0.99%. Local government entities within Bomoseen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bomoseen 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 Bomoseen's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05732 zip code has the highest median property tax rate of 1.86%, while the same zip code also has the lowest median tax rate of 1.86%. Understanding how these cities compare with Bomoseen provides valuable insights into the varying tax landscape across Rutland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bomoseen Tax Rate
2.11%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bomoseen, Rutland County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05732 | 2.11% | 2.11% | 2.11% | 2.11% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Bomoseen, Rutland County, Vermont
In Bomoseen, 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 Rutland 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 Bomoseen, 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 Bomoseen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05732 has the highest and lowest median tax bills, both at $4026.
Property Tax Assessment Values Across Bomoseen, Rutland County, Vermont
Source: Ownwell
$78,800
$178,250
$277,700
Average Bomoseen Assessed Value
$186,600
Average Rutland County Assessed Value
$162,600
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bomoseen, Rutland County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05732 | $105,000 | $133,775 | $186,600 | $283,875 | $416,350 |
Source: Ownwell
Property Tax Bills Across Bomoseen, Rutland County, Vermont
In Bomoseen, located in Rutland County, VT, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Bomoseen can expect a median home price of $186,600. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. Tax bills can vary significantly, with the 25th percentile at $2,899 and the 75th percentile reaching $6,302. For those at the 90th percentile, tax bills can be as high as $8,712. This variability underscores the importance of understanding how local assessments and rates impact individual tax liabilities. Compared to the national median property tax rate of 0.99%, Bomoseen's property tax bills reflect the unique economic and real estate conditions of the area, affecting homeowners' annual financial planning.
Average Bomoseen Tax Bill
$4,026
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Bomoseen, Rutland County, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05732 | $2,214 | $2,899 | $4,026 | $6,302 | $8,712 |
Source: Ownwell