North Canaan, Connecticut Property Taxes
The median property tax rate in North Canaan, CT is 2.55%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in North Canaan, the typical annual property tax bill reaches $6,735, far exceeding the national median of $2,690. Property taxes in North 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 North 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 North 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
North 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 NORTH CANAAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORTH CANAAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORTH 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 North Canaan, Connecticut
Property taxes in North Canaan, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Canaan is 2.55%, significantly higher than both the Connecticut state median of 1.63% and the U.S. national median of 0.99%. Local government entities within North Canaan set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Canaan's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06018 zip code has the highest median property tax rate of 2.55%, while the 06018 zip code also has the lowest median tax rate of 2.55%. Understanding how these cities compare with North Canaan 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 North Canaan Tax Rate
2.55%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across North Canaan, Connecticut
In North 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 Litchfield County Assessor 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 North 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 North Canaan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in North Canaan is $264,110, with the highest and lowest median tax bills both found in zip code 06018, amounting to $6,735.
Property Tax Assessment Values Across North Canaan, Connecticut
Source: Ownwell
$66,800
$516,050
$965,300
Average North Canaan Assessed Value
$264,110
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 North Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | $264,110 | $264,110 | $264,110 | $264,110 | $264,110 |
Source: Ownwell
Property Tax Bills Across North Canaan, Connecticut
In North Canaan, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, known as the mill rate, is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners, this means that improvements or changes to the property can impact their tax bill. North Canaan, located in Litchfield County, has a median home price of $264,110. The tax bill for the 25th, 75th, and 90th percentiles stands uniformly at $6,735, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can place a substantial financial burden on homeowners, affecting affordability and potentially influencing decisions about home improvements or sales. Understanding how these factors interplay is crucial for homeowners looking to manage their expenses effectively.
Average North Canaan Tax Bill
$6,735
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across North Canaan, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | $6,735 | $6,735 | $6,735 | $6,735 | $6,735 |
Source: Ownwell