Vernon, Connecticut Property Taxes
The median property tax rate in Vernon, CT is 3.34%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Vernon at $154,905, the typical annual property tax bill reaches $5,172, exceeding the national median of $2,690. Property taxes in Vernon 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 Vernon'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 Vernon 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
Vernon, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.34%
Estimate Property Tax Bill
$5,174
Ownwell’s Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Connecticut
Property taxes in Vernon, Connecticut, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon is 3.34%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06066 zip code has the highest median property tax rate of 3.34%, while the same zip code also has the lowest median tax rate of 3.34%. Understanding how these figures compare with Vernon provides valuable insights into the varying tax landscape across Tolland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vernon Tax Rate
3.34%
Average Tolland County Tax Rate
3.34%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06066 | 3.34% | 3.34% | 3.34% | 3.34% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Connecticut
In Vernon, 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 Vernon, 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 Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $5,172 in the 06066 zip code.
Average Vernon Assessed Value
$154,905
Average Tolland County Assessed Value
$164,900
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vernon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06066 | $113,557 | $129,842 | $154,905 | $174,835 | $181,882 |
Source: Ownwell
Property Tax Bills Across Vernon, Connecticut
In Vernon, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessments. The assessed value is typically a percentage of the property's market value. In Tolland County, where Vernon is located, homeowners can expect a median property tax bill of approximately $5,172, consistent across the zip code 06066. This figure is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, a home with a median price of $154,905 would have varying tax bills depending on its assessed value and the specific rates applied. Tax bills in Vernon range significantly, with the 25th percentile at $4,336, the 75th percentile at $5,838, and the 90th percentile reaching $6,073. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential for residents to understand their tax obligations.
Average Vernon Tax Bill
$5,172
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06066 | $3,792 | $4,336 | $5,172 | $5,838 | $6,073 |
Source: Ownwell