Voluntown, Connecticut Property Taxes
The median property tax rate in Voluntown, CT is 2.78%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Voluntown, the typical annual property tax bill reaches $4,277, exceeding the national median of $2,690. Property taxes in Voluntown 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 Voluntown'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 Voluntown 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
Voluntown, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$4,282
Ownwell's Voluntown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Voluntown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Voluntown to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Voluntown, Connecticut
Property taxes in Voluntown, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Voluntown is 2.78%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Voluntown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Voluntown 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 Voluntown's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06384 zip code has both the highest and lowest median property tax rate of 2.78%. Understanding how these cities compare with Voluntown 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 Voluntown Tax Rate
2.78%
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 Voluntown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06384 | 2.78% | 2.78% | 2.78% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Voluntown, Connecticut
In Voluntown, 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 Voluntown, 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 Voluntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Voluntown are both $4,277, found in the 06384 zip code.
Property Tax Assessment Values Across Voluntown, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Voluntown Assessed Value
$154,015
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 Voluntown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06384 | $95,153 | $117,808 | $154,015 | $193,625 | $240,958 |
Source: Ownwell
Property Tax Bills Across Voluntown, Connecticut
In Voluntown, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, determined by municipal budget needs, is then applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $154,015, homeowners in Voluntown can expect their tax bills to vary significantly. Factors that influence these calculations include the town’s budget requirements, school funding, and public services. The assessed value is periodically updated to reflect changes in the market, ensuring that property taxes are fair and equitable. Homeowners in Voluntown experience tax bills ranging from the 25th percentile at $3,272 to the 75th percentile at $5,377, with the 90th percentile reaching up to $6,692. These property taxes directly impact homeowners by contributing to essential community services such as education, public safety, and infrastructure, thereby influencing the overall quality of life in Voluntown.
Average Voluntown Tax Bill
$4,277
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 Voluntown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06384 | $2,642 | $3,272 | $4,277 | $5,377 | $6,692 |
Source: Ownwell