Taconic, Connecticut Property Taxes
The median property tax rate in Taconic, CT is 1.10%, slightly higher than the national median of 0.99% but significantly lower than Connecticut's state median of 3.14%. With a median home value of $786,100, the typical annual property tax bill in Taconic reaches $8,647, far exceeding the national median of $2,690. Property taxes in Taconic are calculated based on the tax-assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Taconic'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 Taconic 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
Taconic, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$8,647
Ownwell’s Taconic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taconic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taconic 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 Taconic, Connecticut
Property taxes in Taconic, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taconic is 1.10%, higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Taconic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taconic 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 Taconic's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06079 zip code has the highest median property tax rate of 1.10%, while also having the lowest median tax rate of 1.10%. Understanding how these cities compare with Taconic 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 Taconic 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 Taconic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06079 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Taconic, Connecticut
In Taconic, 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 Taconic, 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 Taconic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Taconic are both $8,647, found in the 06079 zip code.
Average Taconic Assessed Value
$786,100
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 Taconic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06079 | $786,100 | $786,100 | $786,100 | $786,100 | $786,100 |
Source: Ownwell
Property Tax Bills Across Taconic, Connecticut
In Taconic, located in Litchfield County, CT, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate, known as the mill rate, is then applied to this assessed value to determine the tax bill. For homeowners in Taconic, the median home price stands at $786,100, which significantly influences the tax bill. In this region, the median property tax bill is $8,647, which is notably higher than the national median property tax rate of 0.99%. This substantial tax bill reflects the higher property values in the area. Homeowners should be aware that factors such as property improvements, neighborhood developments, and changes in the local mill rate can affect their annual tax bills. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially influencing decisions on property investments and long-term financial planning. Understanding how these taxes are calculated can help homeowners better prepare for their financial obligations.
Average Taconic Tax Bill
$8,647
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Taconic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06079 | $8,647 | $8,647 | $8,647 | $8,647 | $8,647 |
Source: Ownwell