Springfield, Vermont Property Taxes
The median property tax rate in Springfield, VT is 0.80%, which is lower than both the national median of 0.99% and the Vermont state median of 2.11%. With a median home value of $141,200 in Springfield, the typical annual property tax bill is $1,147, significantly below the national median of $2,690. Property taxes in Springfield are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Springfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in notable annual savings. Whether you're in the heart of Springfield or another part of the city, grasping the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
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 Springfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular data, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by Windsor County for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Springfield, Vermont
Property taxes in Springfield, Vermont, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.80%, lower than both the Vermont state median and the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Springfield's effective property tax rate to other counties in Vermont and the national median. For comparison, the 05156 zip code has the highest median property tax rate of 0.80%, while the same 05156 zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with 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 Springfield Tax Rate
0.80%
Average Windsor County Tax Rate
2.21%
Average Vermont Tax Rate
2.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05156 | 0.15% | 0.58% | 0.80% | 2.68% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Vermont
In Springfield, 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 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 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For example, Springfield's median home price is $141,200, with tax bills ranging significantly. The 25th percentile tax bill is $583, while the 75th percentile tax bill is $2,389, and the 90th percentile tax bill is $5,199. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springfield Assessed Value
$141,200
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 Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05156 | $65,580 | $102,200 | $141,200 | $189,850 | $264,720 |
Source: Ownwell
Property Tax Bills Across Springfield, Vermont
In Springfield, VT, property tax bills are calculated based on the assessed value of a home, which is determined by the Windsor County assessor’s office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $141,200, homeowners can expect varying tax bills. The 25th percentile tax bill is around $583, while those in the 75th percentile may pay up to $2,389. The 90th percentile tax bill can reach as high as $5,199. Factors such as property size, location, and market conditions are considered during the assessment. Compared to the national median property tax rate of 0.99%, Springfield's tax rates can significantly impact homeowners, especially those with higher-valued properties. Homeowners in the 05156 zip code encounter a median tax bill of $1,147, reflecting the area's specific economic and property conditions. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Springfield Tax Bill
$1,147
Average Windsor County Tax Bill
$4,455
Average Vermont Tax Bill
$3,843
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Vermont
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 05156 | $127 | $583 | $1,147 | $2,389 | $5,199 |
Source: Ownwell