Cabot, Vermont Property Taxes
The median property tax rate in Cabot, VT is 2.32%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Cabot, the typical annual property tax bill reaches $4,105, surpassing the national median of $2,690. Property taxes in Cabot 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 Cabot'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 Cabot 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
Cabot, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$4,037
Ownwell’s Cabot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cabot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cabot 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 Cabot, Vermont
Property taxes in Cabot, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cabot is 2.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cabot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cabot 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 Cabot's effective property tax rate to other areas in Vermont and the national median. For comparison, the ZIP code 05647 has the highest median property tax rate of 2.32%, while the same ZIP code also has the lowest median tax rate of 2.32%. Understanding how these areas compare with Cabot provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cabot Tax Rate
2.32%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cabot, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05647 | 2.32% | 2.32% | 2.32% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Cabot, Vermont
In Cabot, 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 Washington 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 Cabot, 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. The median home price in Cabot is $174,000, with tax bills ranging widely. For instance, the 25th percentile tax bill is $2,947, while the 75th percentile tax bill is $6,122. The highest median tax bill in the area is $4,105, found in zip code 05647. By understanding 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 Cabot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cabot Assessed Value
$174,000
Average Washington County Assessed Value
$205,330
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cabot, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05647 | $84,580 | $126,700 | $174,000 | $258,950 | $367,880 |
Source: Ownwell
Property Tax Bills Across Cabot, Vermont
In Cabot, Washington County, VT, property tax bills are calculated based on the assessed value of a home, not its market value. This assessed value is determined by the local assessor’s office, which evaluates the property periodically. The tax rate, or mill rate, is then applied to this assessed value to calculate the annual tax bill. Cabot's property tax rates can vary, but homeowners in the area can expect significant differences in their tax bills. For instance, the tax bill at the 25th percentile is around $2,947, while at the 75th percentile, it jumps to $6,122. Even within the same zip code, such as 05647, the median tax bill can reach as high as $4,105. These taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners need to understand these factors as they significantly affect their annual financial obligations and overall property affordability.
Average Cabot Tax Bill
$4,105
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Cabot, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05647 | $1,970 | $2,947 | $4,105 | $6,122 | $8,581 |
Source: Ownwell