Falls Village, Connecticut Property Taxes
The median property tax rate in Falls Village, CT is 2.10%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Falls Village, the typical annual property tax bill reaches $5,418, exceeding the national median of $2,690. Property taxes in Falls Village 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 Falls Village'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 Falls Village 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
Falls Village, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$5,867
Ownwell’s Falls Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falls Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falls Village 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 Falls Village, Connecticut
Property taxes in Falls Village, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falls Village is 2.10%, significantly higher than both the Connecticut state median of 1.63% and the U.S. national median of 0.99%. Local government entities within Falls Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falls Village 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 Falls Village's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06031 zip code has the highest median property tax rate of 2.10%, while the same zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Falls Village provides valuable insights into the varying tax landscape across Litchfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falls Village Tax Rate
2.10%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falls Village, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06031 | 1.10% | 2.10% | 2.10% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Falls Village, Connecticut
In Falls Village, Connecticut, 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 local 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. 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. Falls Village has a median home price of $279,400, with tax bills ranging from $4,022 at the 25th percentile to $11,385 at the 90th percentile. The highest and lowest median tax bills in the area are both $5,418, specifically in the 06031 zip code. 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 Falls Village, Connecticut
Source: Ownwell
$66,800
$516,050
$965,300
Average Falls Village Assessed Value
$279,400
Average Litchfield County Assessed Value
$166,200
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falls Village, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06031 | $150,560 | $202,400 | $279,400 | $389,900 | $593,500 |
Source: Ownwell
Property Tax Bills Across Falls Village, Connecticut
In Falls Village, property tax bills are calculated based on the assessed value of a property, which is often a percentage of its market value. The local tax rate, or mill rate, is then applied to this assessed value to determine the annual tax bill. For example, in Litchfield County, where Falls Village is located, the median home price is $279,400. Homeowners in this area typically see tax bills ranging from $4,022 at the 25th percentile to $11,385 at the 90th percentile, with the highest median tax bill recorded at $5,418. Several factors influence these tax bills, including property location, size, and any applicable exemptions. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners differently based on their property's market value. Compared to the national median property tax rate of 0.99%, Falls Village's rates can be significantly higher, affecting the overall cost of homeownership and potentially influencing decisions on buying or selling property in the area.
Average Falls Village Tax Bill
$5,418
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Falls Village, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06031 | $2,902 | $4,022 | $5,418 | $7,638 | $11,385 |
Source: Ownwell