Farmington, Connecticut Property Taxes
The median property tax rate in Farmington, CT is 2.42%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Farmington, the typical annual property tax bill reaches $6,397, exceeding the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington 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
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Connecticut
Property taxes in Farmington, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 2.42%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary across different neighborhoods. Each year, Farmington 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. For comparison, the 06032 zip code has the highest median property tax rate of 2.42%, while the same 06032 zip code also has the lowest median tax rate of 2.42%. Understanding how these figures compare with Farmington provides valuable insights into the varying tax landscape across Hartford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
2.42%
Average Hartford County Tax Rate
3.54%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06032 | 2.42% | 2.42% | 2.42% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmington, Connecticut. 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 Hartford 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 Farmington, 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. The median home price in Farmington is $264,250, with property tax bills ranging from $4,456 at the 25th percentile to $13,677 at the 90th percentile. The highest and lowest median tax bills are both $6,397, found in the 06032 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmington Assessed Value
$264,250
Average Hartford County Assessed Value
$166,460
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06032 | $128,268 | $184,030 | $264,250 | $369,915 | $564,914 |
Source: Ownwell
Property Tax Bills Across Farmington, Connecticut
In Farmington, Hartford County, CT, property tax bills are calculated based on the assessed value of the home, which is typically a fraction of the market value. The assessment ratio in Connecticut is 70% of the market value. For example, a home with a market value of $264,250 would have an assessed value of $184,975. The local mill rate, which is the amount of tax payable per $1,000 of assessed value, is then applied to this assessed value to determine the tax bill. Several factors influence property tax bills, including changes in the local mill rate, property improvements, and market conditions. In Farmington, property tax bills range significantly, with the 25th percentile at $4,456 and the 90th percentile reaching up to $13,677. The median property tax bill in the highest and lowest zip codes is $6,397, which is considerably higher than the national median property tax rate of 0.99%. This affects homeowners by potentially increasing their annual expenses, making it crucial to stay informed about local tax rates and property assessments.
Average Farmington Tax Bill
$6,397
Average Hartford County Tax Bill
$5,898
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06032 | $3,108 | $4,456 | $6,397 | $8,960 | $13,677 |
Source: Ownwell