Westminster W, Vermont Property Taxes
The median property tax rate in Westminster W, VT is 1.01%, slightly higher than the national median of 0.99% but significantly lower than the Vermont state median of 2.11%. With a median home value of $236,600, the typical annual property tax bill in Westminster W amounts to $2,256, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Westminster W's property tax system and exploring available exemptions, homeowners and real estate investors can identify opportunities for substantial annual savings. Whether you're in Westminster W or another part of Windham County, gaining insights into the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Westminster W, Vermont Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,390
Ownwell’s Westminster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westminster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westminster 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 Westminster W, Vermont
Property taxes in Westminster, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westminster is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Westminster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westminster 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 Westminster's effective property tax rate to other regions in Windham County and the national median. For comparison, the zip code 05346 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Westminster 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 Westminster W Tax Rate
1.01%
Average Windham County Tax Rate
2.04%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westminster W, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05346 | 0.22% | 0.66% | 1.01% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Westminster W, Vermont
In Westminster, 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 Windham 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 Westminster, 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 Westminster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,256, found in the 05346 zip code.
Average Westminster W Assessed Value
$236,600
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 Westminster W, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05346 | $136,300 | $174,300 | $236,600 | $323,500 | $463,590 |
Source: Ownwell
Property Tax Bills Across Westminster W, Vermont
Property tax bills in Westminster, VT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the tax rate set by local government authorities to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. For homeowners in Westminster, the median home price is $236,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,490 and the 75th percentile reaching $2,973. The 90th percentile tax bill is even higher at $4,694. Compared to the national median property tax rate of 0.99%, homeowners in Westminster may experience varying tax burdens depending on their property's assessed value. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Westminster W Tax Bill
$2,256
Average Windham County Tax Bill
$3,712
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Westminster W, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05346 | $380 | $1,490 | $2,256 | $2,973 | $4,694 |
Source: Ownwell