Thomaston, Connecticut Property Taxes
The median property tax rate in Thomaston, CT is 3.36%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Thomaston at $151,130, the typical annual property tax bill reaches $5,075, far exceeding the national median of $2,690. Property taxes in Thomaston are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence exemption. Understanding Thomaston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Thomaston or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thomaston, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.36%
Estimate Property Tax Bill
$5,078
Ownwell’s Thomaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomaston 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 Thomaston, Connecticut
Property taxes in Thomaston, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomaston is 3.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Thomaston set these rates annually, and they can vary across different neighborhoods. Each year, Thomaston 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 Thomaston's effective property tax rate to other areas and the national median. For comparison, the zip code 06787 has the highest median property tax rate of 3.36%, while the same zip code also has the lowest median tax rate of 3.36%. Understanding how these rates compare with Thomaston 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 Thomaston Tax Rate
3.36%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomaston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06787 | 3.36% | 3.36% | 3.36% | 3.36% | 3.36% |
Source: Ownwell
Property Tax Assessment Values Across Thomaston, Connecticut
In Thomaston, 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 Thomaston, 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. Thomaston homeowners can expect a median property tax bill of $5,075, with the highest and lowest median tax bills both found in zip code 06787. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thomaston Assessed Value
$151,130
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 Thomaston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06787 | $88,816 | $122,325 | $151,130 | $193,480 | $240,590 |
Source: Ownwell
Property Tax Bills Across Thomaston, Connecticut
In Thomaston, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, often expressed as a mill rate, is applied to this assessed value to determine the annual tax bill. For example, a home with a median price of $151,130 in Thomaston will have its assessed value calculated, and the mill rate will be applied to this figure. Several factors influence the tax bill, including property improvements, neighborhood changes, and local government budgets. Homeowners in Thomaston can expect tax bills that range significantly, with the 25th percentile at $4,114 and the 75th percentile at $6,506. The highest median tax bill in the area is $5,075, which is higher than the national median property tax rate of 0.99%. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for Thomaston residents.
Average Thomaston Tax Bill
$5,075
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomaston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06787 | $2,983 | $4,114 | $5,075 | $6,506 | $8,060 |
Source: Ownwell