New Canaan, Connecticut Property Taxes
The median property tax rate in New Canaan, CT is 1.89%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in New Canaan, the typical annual property tax bill reaches $16,639, exceeding the national median of $2,690. Property taxes in New Canaan 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 New Canaan'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 New Canaan 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
New Canaan, 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 New Canaan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Canaan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Canaan 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 New Canaan, Connecticut
Property taxes in New Canaan, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Canaan is 1.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Canaan set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Canaan 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 New Canaan's effective property tax rate to other counties in Connecticut and the national median. For comparison, New Canaan has both the highest and lowest median property tax rate in Fairfield County at 1.89%. Understanding how these cities compare with New Canaan provides valuable insights into the varying tax landscape across Fairfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Canaan Tax Rate
1.89%
Average Fairfield County Tax Rate
2.52%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06840 | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across New Canaan, Connecticut
In New Canaan, 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 Fairfield 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 New Canaan, 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 New Canaan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 06840 has the highest and lowest median tax bill at $16,639.
Property Tax Assessment Values Across New Canaan, Connecticut
Source: Ownwell
$44,380
$583,940
$1,123,500
Average New Canaan Assessed Value
$878,255
Average Fairfield County Assessed Value
$310,800
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06840 | $470,820 | $628,652 | $878,255 | $1,263,640 | $1,769,068 |
Source: Ownwell
Property Tax Bills Across New Canaan, Connecticut
In New Canaan, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value, reflecting current real estate trends. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax amount. Homeowners in New Canaan experience property tax bills that vary significantly. The 25th percentile tax bill is approximately $11,914, while the 75th percentile reaches around $23,934. At the 90th percentile, homeowners may see tax bills as high as $33,506. The median home price in New Canaan is $878,255, which contributes to higher property tax bills compared to the national median property tax rate of 0.99%. Such high property taxes can impact homeowners' budgets, influencing decisions on property investments and homeownership affordability.
Average New Canaan Tax Bill
$16,639
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across New Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06840 | $8,917 | $11,914 | $16,639 | $23,934 | $33,506 |
Source: Ownwell