Washington Depot, Connecticut Property Taxes
The median property tax rate in Washington Depot, CT is 1.42%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Washington Depot at $322,895, the typical annual property tax bill reaches $4,710, exceeding the national median of $2,690. Property taxes in Washington Depot 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 Washington Depot'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 Washington Depot 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
Washington Depot, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$4,585
Ownwell’s Washington Depot Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Washington Depot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington Depot to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Washington Depot, Connecticut
Property taxes in Washington Depot, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington Depot is 1.42%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Washington Depot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington Depot 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 Washington Depot's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06794 has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these areas compare with Washington Depot 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 Washington Depot Tax Rate
1.42%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington Depot, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06794 | 1.42% | 1.42% | 1.42% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Washington Depot, Connecticut
In Washington Depot, 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 Assessor 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 Washington Depot, 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. The median home price in Washington Depot is $322,895, with tax bills ranging from $3,198 at the 25th percentile to $14,056 at the 90th percentile. The highest and lowest median tax bills are both $4,710 in the zip code 06794. 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 Washington Depot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Washington Depot, Connecticut
Source: Ownwell
$66,800
$516,050
$965,300
Average Washington Depot Assessed Value
$322,895
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 Washington Depot, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06794 | $168,028 | $214,612 | $322,895 | $556,000 | $986,376 |
Source: Ownwell
Property Tax Bills Across Washington Depot, Connecticut
Property tax bills in Washington Depot, located in Litchfield County, CT, are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the mill rate set by local authorities. For instance, the median home price in Washington Depot is $322,895. The tax bill can vary significantly, with the 25th percentile at $3,198 and the 75th percentile reaching $8,071. The highest median tax bill in the area is $4,710, which aligns with the national median property tax rate of 0.99%. Several factors influence the tax bill, including property location, market conditions, and local government budgets. Higher property taxes can affect homeowners by increasing their annual expenses, which may impact affordability and long-term financial planning. Conversely, these taxes fund essential public services such as schools, infrastructure, and emergency services, contributing to the overall quality of life in the community.
Average Washington Depot Tax Bill
$4,710
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington Depot, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06794 | $2,436 | $3,198 | $4,710 | $8,071 | $14,056 |
Source: Ownwell