Essex, Connecticut Property Taxes
The median property tax rate in Essex, CT is 2.26%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Essex, the typical annual property tax bill reaches $6,468, exceeding the national median of $2,690. Property taxes in Essex 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 Essex'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 Essex 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
Essex, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$6,470
Ownwell’s Essex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Essex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Essex 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 Essex, Connecticut
Property taxes in Essex, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essex is 1.78%, which is higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Essex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essex 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 Essex's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06426 zip code has the highest median property tax rate of 1.78%, while the same zip code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Essex provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essex Tax Rate
2.26%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essex, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06426 | 2.26% | 2.26% | 2.26% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Essex, Connecticut
In Essex, 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 assessment authorities 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 Essex, 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 Essex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Essex is $286,300, with the highest and lowest median tax bills being $6,468 in the 06426 zip code.
Average Essex Assessed Value
$286,300
Average Middlesex County Assessed Value
$200,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essex, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06426 | $145,240 | $203,800 | $286,300 | $415,250 | $662,840 |
Source: Ownwell
Property Tax Bills Across Essex, Connecticut
In Essex, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value determined by the town's assessor. For instance, with a median home price of $286,300, the tax bill can vary significantly. Homeowners at the 25th percentile might pay around $4,604, while those at the 75th percentile could see bills as high as $9,370. The top 10% of homeowners face even steeper bills, averaging $14,973. Essex's property tax rate is notably higher than the national median property tax rate of 0.99%. This high rate can place a substantial financial burden on homeowners, especially in comparison to other regions. Property taxes fund essential local services, including schools, public safety, and infrastructure, making them a crucial aspect of community development. However, the financial impact on homeowners can vary widely depending on the assessed value of their property and the specific tax rate applied.
Average Essex Tax Bill
$6,468
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Essex, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06426 | $3,281 | $4,604 | $6,468 | $9,370 | $14,973 |
Source: Ownwell