How much do appraised property values differ from sale prices of properties?

Hey Reddit,

My wife and I are moving back to VT in a year or two (we rented last time) and are planning on purchasing a home. I know VT property taxes are on the high side, and I’m just trying to get a feel for what we’ll be paying.

I’ve found sources for the municipal and educational property tax rates, which is great, but I’m wondering what number (value of the home) that they will be based off.

I know sale price doesn’t necessarily equal appraised value, but is it typically close? In some areas back home, a recent sales price basically resets the appraised value to the sale price. In most parts of VT, that might make or break us as a $400k home seems like it could cost $9000+ a year in property taxes.

I’m not arguing that VT doesn’t back up it’s high property taxes, but it’s a real consideration for whether or not we can afford it. For what it’s worth, I am a carpenter (much needed trade in VT) and my wife also works in a professional, yet slightly less needed field (Human Resources). We have done well on our current home that we purchased 5 years ago, but it’s a bummer to realize that even with a high down payment, we still may not be able to bring that equity over and live/contribute in VT again.

Also - I’m aware of the income sensitivity tax breaks, but I don’t think we’d qualify. We make about $62k each, so a $124k household income seems it will put us over qualifying by 2024 thresholds.