Redding, Connecticut Property Taxes
The median property tax rate in Redding, CT is 2.77%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Redding, the typical annual property tax bill reaches $12,347, exceeding the national median of $2,690. Property taxes in Redding 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 Redding'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 Redding 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
Redding, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.77%
Estimate Property Tax Bill
$12,351
Ownwell’s Redding Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redding with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redding 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 Fairfield County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Redding, Connecticut
Property taxes in Redding, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redding is 2.77%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Redding set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redding 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 Redding's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06896 has the highest median property tax rate of 2.77%, while the same zip code also has the lowest median tax rate of 2.77%. Understanding how these cities compare with Redding 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 Redding Tax Rate
2.77%
Average Fairfield County Tax Rate
2.52%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redding, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06896 | 2.77% | 2.77% | 2.77% | 2.77% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Redding, Connecticut
In Redding, 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 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. Assessment notices in Redding 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 Redding helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 06896, with a median tax bill of $12,347.
Average Redding Assessed Value
$445,900
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 Redding, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06896 | $307,340 | $369,900 | $445,900 | $577,700 | $757,760 |
Source: Ownwell
Property Tax Bills Across Redding, Connecticut
In Redding, property tax bills are calculated based on the assessed value of the property and the local tax rate. Assessors determine the assessed value, which typically reflects a percentage of the market value of the home. The local tax rate, often expressed in mills (where one mill equals $1 per $1,000 of assessed value), is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and market conditions. For instance, the median home price in Redding is $445,900, and the median tax bill is notably high compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $10,245, while those in the 75th percentile face bills up to $15,997. The tax burden can significantly impact homeowners, especially those on fixed incomes or with properties that have appreciated rapidly. Understanding these calculations helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Redding Tax Bill
$12,347
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Redding, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06896 | $8,510 | $10,245 | $12,347 | $15,997 | $20,982 |
Source: Ownwell