Leicester, Vermont Property Taxes
The median property tax rate in Leicester, VT is 2.61%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Leicester at $187,050, the typical annual property tax bill reaches $4,847, exceeding the national median of $2,690. Property taxes in Leicester 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 Leicester'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 Leicester 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
Leicester, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$4,882
Ownwell’s Leicester Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester to give you an accurate estimate of 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 Leicester, Vermont
Property taxes in Leicester, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 2.61%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05733 zip code has both the highest and lowest median property tax rate of 2.61%. Understanding how these areas compare with Leicester 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 Leicester Tax Rate
2.61%
Average Rutland County Tax Rate
1.74%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | 2.04% | 2.40% | 2.61% | 2.61% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, Vermont
In Leicester, 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 Leicester, 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. The median home price in Leicester is $187,050, with tax bills ranging significantly. The highest median tax bill is $4,847 in zip code 05733, which is also the lowest median tax bill. Understanding these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leicester Assessed Value
$187,050
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 Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | $119,950 | $136,825 | $187,050 | $253,050 | $298,320 |
Source: Ownwell
Property Tax Bills Across Leicester, Vermont
In Leicester, VT, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the town's assessor, who evaluates the property's market value and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $187,050, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $3,568, while the 75th percentile reaches up to $5,897, and the 90th percentile slightly higher at $5,925. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Leicester may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Leicester Tax Bill
$4,847
Average Rutland County Tax Bill
$2,337
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05733 | $3,128 | $3,568 | $4,847 | $5,897 | $5,925 |
Source: Ownwell