Waterford, Connecticut Property Taxes
The median property tax rate in Waterford, CT is 2.12%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Waterford at $210,830, the typical annual property tax bill reaches $4,470, exceeding the national median of $2,690. Property taxes in Waterford 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 Waterford'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 Waterford 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
Waterford, Connecticut Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$6,280
Ownwell’s Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Connecticut
Property taxes in Waterford, Connecticut, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 2.12%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary across different neighborhoods. Each year, Waterford 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. Understanding how Waterford's effective property tax rate compares to other areas in New London County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Waterford Tax Rate
2.12%
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 Waterford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06385 | 2.12% | 2.12% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Connecticut
In Waterford, 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 Waterford, 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 Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waterford is $210,830, with the highest and lowest median tax bills both recorded at $4,470 in the 06385 zip code.
Property Tax Assessment Values Across Waterford, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Waterford Assessed Value
$210,830
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 Waterford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06385 | $132,430 | $163,150 | $210,830 | $276,170 | $394,680 |
Source: Ownwell
Property Tax Bills Across Waterford, Connecticut
In Waterford, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the town's assessor. This value is then multiplied by the mill rate, which is the amount of tax payable per thousand dollars of assessed value. For example, with a median home price of $210,830, homeowners can expect a range of tax bills. The 25th percentile tax bill is about $3,460, while the 75th percentile reaches $5,861. At the 90th percentile, tax bills can soar to $8,367. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the higher costs associated with living in New London County. The highest and lowest median tax bills in Waterford are both $4,470, indicating a consistent tax rate across different areas within the city. This system impacts homeowners by making location and property value crucial factors in their annual tax expenses.
Average Waterford Tax Bill
$4,470
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 Waterford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06385 | $2,808 | $3,460 | $4,470 | $5,861 | $8,367 |
Source: Ownwell