Chester, Vermont Property Taxes
The median property tax rate in Chester, VT is 2.73%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Chester, the typical annual property tax bill reaches $4,172, exceeding the national median of $2,690. Property taxes in Chester 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 Chester'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 Chester 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
Chester, Vermont Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$4,220
Ownwell’s Chester Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chester 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 Chester, Vermont
Property taxes in Chester, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 2.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 Chester's effective property tax rate to other areas in Vermont and the national median. For comparison, the 05143 zip code has the highest median property tax rate of 2.73%, while the same zip code also has the lowest median tax rate of 2.73%. Understanding how Chester compares with other cities provides valuable insights into the varying tax landscape across Windham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chester Tax Rate
2.73%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | 2.61% | 2.73% | 2.73% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Chester, Vermont
In Chester, 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 local appraisal authorities 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 Chester, 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 Chester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Chester is $4,172 in the 05143 zip code, which is notably higher than the national median property tax rate of 0.99%.
Average Chester Assessed Value
$160,500
Average Windham County Assessed Value
$195,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | $60,780 | $108,150 | $160,500 | $235,900 | $330,000 |
Source: Ownwell
Property Tax Bills Across Chester, Vermont
In Chester, located in Windham County, VT, property tax bills are calculated based on the assessed value of your home. The median home price in Chester is $160,500. Homeowners in this area see property tax bills that can vary significantly, with the 25th percentile at $3,056 and the 75th percentile reaching $5,734. The 90th percentile tax bill can be as high as $7,556, reflecting higher-valued properties. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budgets influence the assessed value. Chester's property tax rate is notably higher than the national median property tax rate of 0.99%, leading to substantial tax bills for homeowners. This impacts homeowners by increasing their annual expenses, potentially affecting decisions related to property investments and homeownership affordability.
Average Chester Tax Bill
$4,172
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05143 | $1,706 | $3,056 | $4,172 | $5,734 | $7,556 |
Source: Ownwell