Yantic, Connecticut Property Taxes
The median property tax rate in Yantic, CT is 4.18%, significantly higher than both the national median of 0.99% and Connecticut's state median of 3.14%. With the median home value in Yantic, the typical annual property tax bill reaches $4,528, far exceeding the national median of $2,690. Property taxes in Yantic are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Yantic'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 Yantic 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
Yantic, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.18%
Estimate Property Tax Bill
$4,523
Ownwell’s Yantic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yantic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yantic 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 Yantic, Connecticut
Property taxes in Yantic, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yantic is 4.18%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Yantic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yantic 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 Yantic's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06389 zip code has the highest median property tax rate of 4.18%, while the same zip code also has the lowest median tax rate of 4.18%. Understanding how these cities compare with Yantic 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 Yantic Tax Rate
4.18%
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 Yantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06389 | 4.18% | 4.18% | 4.18% | 4.19% | 4.19% |
Source: Ownwell
Property Tax Assessment Values Across Yantic, Connecticut
In Yantic, 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 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 Yantic, 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 Yantic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $4,528 in the 06389 zip code, while the lowest median tax bill is also $4,528 in the same zip code.
Average Yantic Assessed Value
$108,200
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 Yantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06389 | $66,000 | $79,400 | $108,200 | $127,300 | $158,480 |
Source: Ownwell
Property Tax Bills Across Yantic, Connecticut
In Yantic, located in New London County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local mill rate, a figure set annually by the city government. For example, if a home in Yantic has an assessed value of $108,200 and the mill rate is applied, the resulting tax bill reflects the city's requirements for funding public services like schools, infrastructure, and emergency services. Several factors influence the assessed value, including the home's market value, location, and physical condition. Homeowners in Yantic can expect varying tax bills; the 25th percentile tax bill is approximately $3,323, while the 75th percentile reaches about $5,328, and the 90th percentile can be as high as $6,633. These property tax rates and bills are higher than the national median property tax rate of 0.99%, impacting homeowners' annual expenses significantly. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Yantic Tax Bill
$4,528
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 Yantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06389 | $2,762 | $3,323 | $4,528 | $5,328 | $6,633 |
Source: Ownwell