Northfield, Vermont Property Taxes
The median property tax rate in Northfield, VT is 2.84%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Northfield, the typical annual property tax bill reaches $4,411, far exceeding the national median of $2,690. Property taxes in Northfield 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 Northfield'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 Northfield 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
Northfield, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.84%
Estimate Property Tax Bill
$4,595
Ownwell’s Northfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northfield 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 Northfield, Vermont
Property taxes in Northfield, Vermont, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Northfield is 2.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Northfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northfield 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 Northfield's effective property tax rate to other regions and the national median. For comparison, the zip code 05663 within Northfield has both the highest and lowest median property tax rate of 2.84%. Understanding how these figures compare with other areas 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 regions.
Average Northfield Tax Rate
2.84%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05663 | 2.08% | 2.84% | 2.84% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Northfield, Vermont
In Northfield, 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 Northfield, 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 Northfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Northfield is 05663, with a median tax bill of $4,411.
Average Northfield Assessed Value
$161,800
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 Northfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05663 | $61,720 | $118,150 | $161,800 | $214,150 | $300,520 |
Source: Ownwell
Property Tax Bills Across Northfield, Vermont
In Northfield, Washington County, VT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the city’s assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Northfield, the median home price is $161,800. Property tax bills can vary significantly, with the 25th percentile paying around $3,228 annually, while those in the 75th percentile pay approximately $5,867. At the 90th percentile, homeowners can expect to pay as much as $7,722. These tax bills are influenced by several factors, including the property's location, size, and condition, as well as any applicable exemptions. Compared to the national median property tax rate of 0.99%, Northfield homeowners may find their tax bills to be relatively higher, impacting their overall cost of homeownership and financial planning.
Average Northfield Tax Bill
$4,411
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Northfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05663 | $1,465 | $3,228 | $4,411 | $5,867 | $7,722 |
Source: Ownwell