North Springfield, Vermont Property Taxes
The median property tax rate in North Springfield, VT is 0.81%, notably lower than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $129,900 in North Springfield, the typical annual property tax bill amounts to $1,566, which is significantly below the national median of $2,690. Property taxes in North Springfield are assessed based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By gaining an understanding of North Springfield's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in North Springfield or another area within Windsor County, familiarizing yourself with the local property tax regulations will be highly beneficial.
Last Updated June 14, 2024
North Springfield, 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 North Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Springfield 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 North Springfield, Vermont
Property taxes in North Springfield, Vermont, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Springfield is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within North Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Springfield 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 North Springfield's effective property tax rate to other areas in Windsor County and the national median. For comparison, the zip code 05150 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with North Springfield provides valuable insights into the varying tax landscape across Windsor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Springfield Tax Rate
0.81%
Average Windsor County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05150 | 0.33% | 0.78% | 0.81% | 3.35% | 3.37% |
Source: Ownwell
Property Tax Assessment Values Across North Springfield, Vermont
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Springfield, Vermont. 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 Windsor 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 North Springfield, 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. The median home price here is $129,900, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $846, while the 75th percentile tax bill reaches $4,024, and the 90th percentile tax bill is $6,411. The zip code 05150 has both the highest and lowest median tax bill at $1,566. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Springfield, Vermont
Source: Ownwell
$52,800
$511,925
$971,050
Average North Springfield Assessed Value
$129,900
Average Windsor County Assessed Value
$205,000
Average Vermont Assessed Value
$199,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05150 | $78,300 | $106,200 | $129,900 | $168,800 | $214,800 |
Source: Ownwell
Property Tax Bills Across North Springfield, Vermont
In North Springfield, Windsor County, VT, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by local assessors who evaluate the property's market value, which can fluctuate based on real estate trends and improvements made to the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in North Springfield, the median home price is $129,900. This translates to a variety of tax bills, with the 25th percentile at $846 and the 75th percentile reaching $4,024. At the higher end, the 90th percentile tax bill is $6,411. These figures highlight the range of property tax burdens faced by residents, which can significantly impact household budgets. When compared to the national median property tax rate of 0.99%, the property taxes in North Springfield reflect the local economic conditions and the value placed on community services funded by these taxes.
Average North Springfield Tax Bill
$1,566
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across North Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05150 | $387 | $846 | $1,566 | $4,024 | $6,411 |
Source: Ownwell