Oakville, Connecticut Property Taxes
The median property tax rate in Oakville, CT is 3.69%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Oakville, the typical annual property tax bill reaches $4,689, exceeding the national median of $2,690. Property taxes in Oakville 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 Oakville'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 Oakville 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
Oakville, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.69%
Estimate Property Tax Bill
$4,694
Ownwell’s Oakville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakville 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 Oakville, Connecticut
Property taxes in Oakville, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakville is 3.69%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Oakville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakville 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 Oakville's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06779 zip code has the highest median property tax rate of 3.69%, while the same zip code also has the lowest median tax rate of 3.69%. Understanding how these cities compare with Oakville 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 Oakville Tax Rate
3.69%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | 3.69% | 3.69% | 3.69% | 3.69% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Oakville, Connecticut
In Oakville, 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 Litchfield 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 Oakville, 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. Being aware of these valuation processes in Oakville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4689 in the 06779 zip code, while the lowest is also $4689 in the same zip code.
Average Oakville Assessed Value
$127,200
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 Oakville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | $99,000 | $110,100 | $127,200 | $148,200 | $176,300 |
Source: Ownwell
Property Tax Bills Across Oakville, Connecticut
Property tax bills in Oakville, located in Litchfield County, CT, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. In Oakville, the median home price stands at $127,200. This value is then multiplied by the tax rate set by local authorities to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Oakville is $4,058, while the 75th percentile tax bill is $5,463, indicating a range based on property values and other considerations. The 90th percentile tax bill reaches $6,498, reflecting higher-value properties. Homeowners in Oakville should be aware that their property tax bills can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Oakville’s tax rates can result in higher annual tax bills, making it essential for homeowners to understand their property’s assessed value and any available exemptions.
Average Oakville Tax Bill
$4,689
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | $3,649 | $4,058 | $4,689 | $5,463 | $6,498 |
Source: Ownwell