Vernon, Vermont Property Taxes
The median property tax rate in Vernon, VT is 2.00%, considerably higher than both the national median of 0.99% and the Vermont state median of 2.11%. With the median home value in Vernon, the typical annual property tax bill reaches $4,178, exceeding the national median of $2,690. Property taxes in Vernon 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 Vernon'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 Vernon 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
Vernon, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$4,168
Ownwell’s Vernon Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Vermont
Property taxes in Vernon, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon is 2.00%, significantly higher than the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05354 zip code has the highest median property tax rate of 2.00%, while the same 05354 zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Vernon 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 Vernon Tax Rate
2.00%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05354 | 2.00% | 2.00% | 2.00% | 2.02% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Vermont
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Vernon, Vermont. The market value represents the price a willing buyer would pay in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by local authorities for tax purposes. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Vernon, 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. Understanding these valuation concepts allows property owners to better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Vernon is $208,400, with tax bills ranging from $3,326 at the 25th percentile to $6,425 at the 90th percentile. The zip code with the highest median tax bill is 05354, which stands at $4,178. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Vernon Assessed Value
$208,400
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 Vernon, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05354 | $119,500 | $166,650 | $208,400 | $261,200 | $319,300 |
Source: Ownwell
Property Tax Bills Across Vernon, Vermont
In Vernon, Windham County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors that influence the tax bill include the property's location, size, and any improvements made. For instance, Vernon's median home price is $208,400, and the median property tax bill stands at $4,178, significantly higher than the national median property tax rate of 0.99%. Homeowners in Vernon can expect their tax bills to fall within a range, with the 25th percentile at $3,326 and the 75th percentile at $5,203. The highest tax bills, at the 90th percentile, can reach up to $6,425. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Vernon Tax Bill
$4,178
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05354 | $2,370 | $3,326 | $4,178 | $5,203 | $6,425 |
Source: Ownwell