Waitsfield, Vermont Property Taxes
The median property tax rate in Waitsfield, VT is 2.14%, significantly higher than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $326,300 in Waitsfield, the typical annual property tax bill reaches $6,510, far exceeding the national median of $2,690. Property taxes in Waitsfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Waitsfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waitsfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waitsfield, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$6,983
Ownwell’s Waitsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waitsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waitsfield 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 Waitsfield, Vermont
Property taxes in Waitsfield, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waitsfield is 2.14%, significantly higher than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Waitsfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waitsfield 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 Waitsfield'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 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these cities compare with Waitsfield 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 Waitsfield Tax Rate
2.14%
Average Washington County Tax Rate
2.08%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waitsfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | 1.96% | 1.96% | 2.14% | 2.14% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Waitsfield, Vermont
In Waitsfield, 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 Waitsfield, 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 Waitsfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 05673 has the highest and lowest median tax bill at $6,510, reflecting the area's unique property value landscape.
Average Waitsfield Assessed Value
$326,300
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 Waitsfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | $161,340 | $236,500 | $326,300 | $456,175 | $654,430 |
Source: Ownwell
Property Tax Bills Across Waitsfield, Vermont
In Waitsfield, located in Washington County, VT, property tax bills are calculated based on the assessed value of a home. The town assesses properties to determine their market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For a median home priced at $326,300, homeowners can expect varying tax bills depending on specific factors such as property size, location, and additional improvements. For instance, tax bills in Waitsfield show a significant range: the 25th percentile pays approximately $4,638, while the 75th percentile sees bills around $9,282. At the 90th percentile, homeowners could face tax bills as high as $13,530. These figures highlight the variability in property taxes within the town, influenced by individual property assessments and local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Waitsfield experience a unique tax landscape that significantly impacts their annual financial planning. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Waitsfield Tax Bill
$6,510
Average Washington County Tax Bill
$3,773
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Waitsfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05673 | $2,950 | $4,638 | $6,510 | $9,282 | $13,530 |
Source: Ownwell