Putnam, Connecticut Property Taxes
The median property tax rate in Putnam, CT is 3.18%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Putnam at $127,900, the typical annual property tax bill reaches $3,793, exceeding the national median of $2,690. Property taxes in Putnam 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 Putnam'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 Putnam 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
Putnam, 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 Putnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam 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 Putnam, Connecticut
Property taxes in Putnam, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam is 3.18%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Putnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam 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 Putnam's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06260 zip code has the highest median property tax rate of 3.18%, while the same zip code also has the lowest median tax rate of 3.18%. Understanding how these areas compare with Putnam provides valuable insights into the varying tax landscape across Windham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Putnam Tax Rate
3.18%
Average Windham County Tax Rate
2.75%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06260 | 2.40% | 2.40% | 3.18% | 3.18% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Putnam, Connecticut
In Putnam, 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 Putnam, 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 Putnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Putnam are both $3,793, found in the zip code 06260.
Average Putnam Assessed Value
$127,900
Average Windham County Assessed Value
$144,900
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06260 | $90,000 | $105,600 | $127,900 | $159,800 | $199,000 |
Source: Ownwell
Property Tax Bills Across Putnam, Connecticut
In Putnam, CT, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The town’s mill rate is then applied to this assessed value to determine the annual tax bill. For instance, if a home is assessed at $127,900, the tax bill will vary significantly, with the 25th percentile at $3,185 and the 75th percentile reaching up to $4,542. The highest median tax bill in the area is $3,793, found in the 06260 zip code. Factors influencing the tax bill include property location, improvements made, and changes in the local mill rate. This system ensures that homeowners contribute equitably to community services like schools, public safety, and infrastructure. However, it also means that as property values or mill rates increase, so do tax bills, potentially impacting affordability for homeowners. Compared to the national median property tax rate of 0.99%, Putnam’s rates reflect the town’s specific fiscal needs and property market conditions.
Average Putnam Tax Bill
$3,793
Average Windham County Tax Bill
$4,074
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06260 | $2,689 | $3,185 | $3,793 | $4,542 | $5,420 |
Source: Ownwell