Fayston, Vermont Property Taxes
The median property tax rate in Fayston, VT is 1.96%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Fayston at $331,700, the typical annual property tax bill reaches $6,495, exceeding the national median of $2,690. Property taxes in Fayston 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 Fayston'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 Fayston 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
Fayston, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$6,501
Ownwell’s Fayston Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fayston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayston 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 Fayston, Vermont
Property taxes in Fayston, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayston is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fayston set these rates annually, and they can vary across different neighborhoods. Each year, Fayston 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 Fayston's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05673 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Fayston 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 Fayston Tax Rate
1.96%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayston, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | 1.96% | 1.96% | 1.96% | 1.96% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Fayston, Vermont
In Fayston, 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. Assessment notices in Fayston 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 Fayston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Fayston is $331,700, with tax bills ranging from $2,056 at the 25th percentile to $14,754 at the 90th percentile. The highest and lowest median tax bills are both $6,495 in zip code 05673.
Average Fayston Assessed Value
$331,700
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 Fayston, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | $78,900 | $105,000 | $331,700 | $458,400 | $753,500 |
Source: Ownwell
Property Tax Bills Across Fayston, Vermont
In Fayston, located in Washington County, VT, 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 town's assessor, who evaluates the property's market value. Once the property’s assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Fayston, the median home price is $331,700. The tax bill can vary significantly depending on the value of the home and its specific location within the town. For instance, the 25th percentile tax bill is $2,056, while the 75th percentile tax bill is $8,975, and the 90th percentile tax bill reaches up to $14,754. These figures illustrate the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Fayston's property tax rates can result in higher tax bills, impacting homeowners' annual expenses. Understanding these factors is crucial for homeowners when budgeting and planning for their financial future.
Average Fayston Tax Bill
$6,495
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayston, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | $1,545 | $2,056 | $6,495 | $8,975 | $14,754 |
Source: Ownwell