Lakeville, Connecticut Property Taxes
The median property tax rate in Lakeville, CT is 1.10%, slightly higher than the national median of 0.99%, but significantly lower than the Connecticut state median of 3.14%. With the median home value in Lakeville at $357,710, the typical annual property tax bill reaches $3,935, which is above the national median of $2,690. Property taxes in Lakeville 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 Lakeville'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 Lakeville 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
Lakeville, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$3,935
Ownwell’s Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Connecticut
Property taxes in Lakeville, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 1.10%, higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06039 zip code has the highest median property tax rate of 1.10%, while the 06039 zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Lakeville provides valuable insights into the varying tax landscape across Litchfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
1.10%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06039 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Connecticut
In Lakeville, 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 Litchfield 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 Lakeville, 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 Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lakeville is $357,710, with tax bills ranging significantly, from the 25th percentile at $2,316 to the 90th percentile at $13,429. The zip code with both the highest and lowest median tax bill is 06039, with a median tax bill of $3,935.
Average Lakeville Assessed Value
$357,710
Average Litchfield County Assessed Value
$166,200
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06039 | $149,340 | $210,550 | $357,710 | $626,250 | $1,220,840 |
Source: Ownwell
Property Tax Bills Across Lakeville, Connecticut
In Lakeville, located in Litchfield County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value typically represents a percentage of the property's market value. Homeowners in Lakeville can expect their tax bills to be influenced by the median home price, which stands at $357,710. The tax rate in Lakeville is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can also affect the assessed value. For instance, tax bills in the 25th percentile are around $2,316, while those in the 75th percentile reach up to $6,889. At the 90th percentile, homeowners might see tax bills as high as $13,429. These property tax bills play a significant role in local budgets, funding essential services such as schools, public safety, and infrastructure. Homeowners need to stay informed about their property’s assessed value and any changes in the tax rate to accurately anticipate their annual tax obligations.
Average Lakeville Tax Bill
$3,935
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06039 | $1,643 | $2,316 | $3,935 | $6,889 | $13,429 |
Source: Ownwell