East Lyme, Connecticut Property Taxes
The median property tax rate in East Lyme, CT is 2.49%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in East Lyme at $263,830, the typical annual property tax bill reaches $6,564, far exceeding the national median of $2,690. Property taxes in East Lyme 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 East Lyme'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 East Lyme 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
East Lyme, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$6,569
Ownwell’s East Lyme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Lyme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Lyme 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 East Lyme, Connecticut
Property taxes in East Lyme, Connecticut, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Lyme is 2.49%, significantly higher than both the Connecticut state median of 1.63% and the U.S. national median of 0.99%. Local government entities within East Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Lyme 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 East Lyme's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06333 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with East Lyme provides valuable insights into the varying tax landscape across New London County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Lyme Tax Rate
2.49%
Average New London County Tax Rate
2.72%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06333 | 2.49% | 2.49% | 2.49% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across East Lyme, Connecticut
In East Lyme, 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. In East Lyme, 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 East Lyme helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in East Lyme is $6564.00, found in zip code 06333.
Property Tax Assessment Values Across East Lyme, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average East Lyme Assessed Value
$263,830
Average New London County Assessed Value
$177,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06333 | $176,225 | $207,690 | $263,830 | $345,012 | $451,822 |
Source: Ownwell
Property Tax Bills Across East Lyme, Connecticut
In East Lyme, located in New London County, CT, property tax bills are calculated based on the assessed value of a property, which is typically 70% of its market value. The town applies a mill rate to this assessed value to determine the annual tax bill. For instance, a median home price of $263,830 results in varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $5,167, while those in the 75th percentile see bills closer to $8,584. At the 90th percentile, tax bills can reach up to $11,241. These taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, East Lyme's rates reflect the region's commitment to maintaining high-quality community services. The highest and lowest median tax bills in the area are both recorded at $6,564 in the 06333 zip code, highlighting the consistency in property tax assessments within this locality. Homeowners must budget for these taxes, which can significantly impact their overall financial planning.
Average East Lyme Tax Bill
$6,564
Average New London County Tax Bill
$4,738
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across East Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06333 | $4,384 | $5,167 | $6,564 | $8,584 | $11,241 |
Source: Ownwell