Riverton, Connecticut Property Taxes
The median property tax rate in Riverton, CT is 3.39%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Riverton, the typical annual property tax bill reaches $5,463, far exceeding the national median of $2,690. Property taxes in Riverton 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 Riverton'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 Riverton 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
Riverton, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.39%
Estimate Property Tax Bill
$5,457
Ownwell’s Riverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverton 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 Riverton, Connecticut
Property taxes in Riverton, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 3.39%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06065 zip code has the highest median property tax rate of 3.39%, while the same zip code also has the lowest median tax rate of 3.39%. Understanding how these areas compare with Riverton 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 Riverton Tax Rate
3.39%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, Connecticut
In Riverton, 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 Riverton, 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 Riverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Riverton is 06065, with a median tax bill of $5,463.
Average Riverton Assessed Value
$160,960
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 Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | $121,580 | $138,605 | $160,960 | $202,320 | $247,820 |
Source: Ownwell
Property Tax Bills Across Riverton, Connecticut
Property tax bills in Riverton, CT, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the local assessor's office. In Riverton, the median home price is $160,960. With the national median property tax rate at 0.99%, Riverton's tax rates can significantly impact homeowners. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Riverton is $4,704, while the 75th percentile tax bill reaches $6,866. The highest median tax bill in Riverton stands at $5,463, which is notably higher than the national median. These property taxes fund essential services such as schools, public safety, and infrastructure. Consequently, higher tax bills reflect increased investments in community services but can also place a financial burden on homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Riverton Tax Bill
$5,463
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | $4,126 | $4,704 | $5,463 | $6,866 | $8,411 |
Source: Ownwell