Stonington, Connecticut Property Taxes
The median property tax rate in Stonington, CT is 1.92%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Stonington at $391,300, the typical annual property tax bill reaches $7,385, exceeding the national median of $2,690. Property taxes in Stonington 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 Stonington'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 Stonington 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
Stonington, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$7,513
Ownwell’s Stonington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stonington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonington 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 Stonington, Connecticut
Property taxes in Stonington, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonington is 1.92%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Stonington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonington 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 Stonington's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06378 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these figures compare with Stonington 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 Stonington Tax Rate
1.92%
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06378 | 1.79% | 1.82% | 1.92% | 1.97% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Stonington, Connecticut
In Stonington, 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 New London County Assessor's Office 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 Stonington, 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 Stonington is $391,300, with tax bills ranging from $4,997 at the 25th percentile to $17,276 at the 90th percentile. Notably, the zip code 06378 has the highest median tax bill of $7,385. 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 Stonington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stonington, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Stonington Assessed Value
$391,300
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06378 | $191,090 | $268,125 | $391,300 | $572,600 | $911,650 |
Source: Ownwell
Property Tax Bills Across Stonington, Connecticut
Property tax bills in Stonington, located in New London County, Connecticut, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate, or mill rate, is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and improvements, as well as local government budgets and services. For instance, in Stonington, the median home price is $391,300. Residents can expect property tax bills to vary significantly, with the 25th percentile tax bill at $4,997 and the 75th percentile reaching $10,694. At the higher end, the 90th percentile tax bill can be as much as $17,276. The highest median tax bill in the area is $7,385, and it remains consistent across different zip codes. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting homeowners' financial obligations and the quality of community services. With Connecticut's property tax rates generally higher than the national median of 0.99%, Stonington homeowners should be prepared for these financial commitments.
Average Stonington Tax Bill
$7,385
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06378 | $3,566 | $4,997 | $7,385 | $10,694 | $17,276 |
Source: Ownwell