Riverside, Connecticut Property Taxes
The median property tax rate in Riverside, CT is 1.16%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Riverside at $1,123,500, the typical annual property tax bill reaches $13,073, exceeding the national median of $2,690. Property taxes in Riverside 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 Riverside’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 Riverside 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
Riverside, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$13,033
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside 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 Riverside, Connecticut
Property taxes in Riverside, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 1.16%, higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other areas in Fairfield County and the national median. For comparison, the 06878 zip code has the highest median property tax rate of 1.16%, while the 06878 zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Riverside provides valuable insights into the varying tax landscape across Fairfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
1.16%
Average Fairfield County Tax Rate
2.52%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06878 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Connecticut
In Riverside, Connecticut, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Fairfield 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 Riverside, 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. For example, the median home price in Riverside is $1,123,500. The 25th percentile tax bill is $7,924, while the 75th percentile tax bill is $20,041, and the 90th percentile tax bill reaches $29,072. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Riverside, Connecticut
Source: Ownwell
$44,380
$583,940
$1,123,500
Average Riverside Assessed Value
$1,123,500
Average Fairfield County Assessed Value
$310,800
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06878 | $568,792 | $680,960 | $1,123,500 | $1,723,785 | $2,503,186 |
Source: Ownwell
Property Tax Bills Across Riverside, Connecticut
In Riverside, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $1,123,500, the tax bill can vary significantly. The assessed value is multiplied by the local property tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Riverside face a range of tax bills, from the 25th percentile at $7,924 to the 75th percentile at $20,041, and up to the 90th percentile at $29,072. The highest and lowest median tax bills in Riverside are both $13,073, highlighting the uniformity within the area. Compared to the national median property tax rate of 0.99%, Riverside's rates reflect the region's higher property values. These tax bills can impact homeowners by influencing their overall housing costs and potentially affecting their decisions on property investments and home improvements.
Average Riverside Tax Bill
$13,073
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06878 | $6,619 | $7,924 | $13,073 | $20,041 | $29,072 |
Source: Ownwell