Gales Ferry, Connecticut Property Taxes
The median property tax rate in Gales Ferry, CT is 3.46%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With a median home value of $163,730 in Gales Ferry, the typical annual property tax bill reaches $5,659, far exceeding the national median of $2,690. Property taxes in Gales Ferry are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gales Ferry'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 Gales Ferry or another part of New London County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gales Ferry, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.46%
Estimate Property Tax Bill
$5,665
Ownwell’s Gales Ferry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gales Ferry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gales Ferry 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 Gales Ferry, Connecticut
Property taxes in Gales Ferry, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gales Ferry is 3.46%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Gales Ferry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gales Ferry 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 Gales Ferry's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06335 zip code has the highest median property tax rate of 3.46%, while the same zip code also has the lowest median tax rate of 3.46%. Understanding how these rates compare with Gales Ferry 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 Gales Ferry Tax Rate
3.46%
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 Gales Ferry, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06335 | 3.46% | 3.46% | 3.46% | 3.46% | 3.46% |
Source: Ownwell
Property Tax Assessment Values Across Gales Ferry, Connecticut
In Gales Ferry, Connecticut, understanding the difference between "market value" and "assessed value" is essential 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 New London 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. Assessment notices in Gales Ferry 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 Gales Ferry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gales Ferry is $163,730, with the highest median tax bill in zip code 06335 being $5,659.
Property Tax Assessment Values Across Gales Ferry, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Gales Ferry Assessed Value
$163,730
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 Gales Ferry, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06335 | $109,984 | $138,597 | $163,730 | $199,605 | $230,734 |
Source: Ownwell
Property Tax Bills Across Gales Ferry, Connecticut
In Gales Ferry, located in New London County, CT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the local tax assessor. Homeowners in Gales Ferry can expect their tax bills to vary significantly depending on the value of their property. For instance, the median home price in Gales Ferry is $163,730. Property tax bills in this area range widely, with the 25th percentile tax bill at $4,789 and the 75th percentile reaching $6,898. The highest tax bills, at the 90th percentile, can be as much as $7,974. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, homeowners in Gales Ferry may find themselves paying higher property taxes, reflecting the region's commitment to maintaining robust public services.
Average Gales Ferry Tax Bill
$5,659
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 Gales Ferry, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06335 | $3,801 | $4,789 | $5,659 | $6,898 | $7,974 |
Source: Ownwell