Hubbardton, Vermont Property Taxes
The median property tax rate in Hubbardton, VT is 2.43%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Hubbardton, the typical annual property tax bill reaches $3,041, exceeding the national median of $2,690. Property taxes in Hubbardton 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 Hubbardton'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 Hubbardton 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
Hubbardton, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s Hubbardton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hubbardton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hubbardton 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 Hubbardton, Vermont
Property taxes in Hubbardton, Vermont, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hubbardton is 2.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hubbardton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hubbardton 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 Hubbardton's effective property tax rate to other areas in Rutland County and the national median. For comparison, the 05735 zip code has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these areas compare with Hubbardton 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 Hubbardton Tax Rate
2.43%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hubbardton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | 2.43% | 2.43% | 2.43% | 2.43% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Hubbardton, Vermont
In Hubbardton, 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 Hubbardton, 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 Hubbardton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05735 holds the highest median tax bill in the area, amounting to $3,041.
Average Hubbardton Assessed Value
$137,100
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 Hubbardton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | $14,950 | $43,025 | $137,100 | $180,650 | $216,050 |
Source: Ownwell
Property Tax Bills Across Hubbardton, Vermont
In Hubbardton, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the Rutland County assessor, who evaluates the market value of homes in the area. Homeowners in Hubbardton can expect a range of property tax bills, with the 25th percentile paying around $1,022 and the 75th percentile paying up to $4,326 annually. For those at the higher end, the 90th percentile tax bill can reach $5,318. Hubbardton's property tax rate is influenced by the local government’s budgetary needs and community services such as schools, infrastructure, and emergency services. This rate is applied to the assessed value of a home to determine the annual tax bill. The highest median tax bill in Hubbardton is $3,041, which is notably higher than the national median property tax rate of 0.99%. These property taxes significantly impact homeowners by contributing to the overall cost of homeownership and influencing decisions on buying or selling property in the area.
Average Hubbardton Tax Bill
$3,041
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Hubbardton, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05735 | $315 | $1,022 | $3,041 | $4,326 | $5,318 |
Source: Ownwell