Torrington, Connecticut Property Taxes
The median property tax rate in Torrington, CT is 4.80%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Torrington at $93,590, the typical annual property tax bill reaches $4,487, exceeding the national median of $2,690. Property taxes in Torrington 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 Torrington'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 Torrington or another part of Litchfield County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Torrington, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.8%
Estimate Property Tax Bill
$4,492
Ownwell’s Torrington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Torrington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Torrington 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 Torrington, Connecticut
Property taxes in Torrington, Connecticut, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Torrington is 4.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Torrington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Torrington 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 Torrington's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06790 zip code has the highest median property tax rate of 4.80%, while the same zip code also has the lowest median tax rate of 4.80%. Understanding how these cities compare with Torrington 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 Torrington Tax Rate
4.80%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Torrington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06790 | 4.80% | 4.80% | 4.80% | 4.80% | 4.80% |
Source: Ownwell
Property Tax Assessment Values Across Torrington, Connecticut
In Torrington, 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 Torrington, 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. For example, the median home price in Torrington is $93,590, with tax bills ranging from $3,773 at the 25th percentile to $6,854 at the 90th percentile. The highest and lowest median tax bill in Torrington is $4,487, both found in the 06790 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 Torrington Assessed Value
$93,590
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 Torrington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06790 | $59,990 | $78,690 | $93,590 | $112,620 | $143,582 |
Source: Ownwell
Property Tax Bills Across Torrington, Connecticut
In Torrington, located in Litchfield County, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. Homeowners in Torrington can expect their property tax bills to be influenced by several factors, including the local tax rate and the assessed value of their property. The assessed value is determined by the town's assessor and is a critical component in calculating the final tax bill. For a median home price of $93,590, property tax bills in Torrington can vary significantly. The 25th percentile tax bill is around $3,773, while the 75th percentile tax bill reaches approximately $5,397. At the 90th percentile, homeowners might see tax bills as high as $6,854. The highest and lowest median tax bills in Torrington both stand at $4,487, which is notably higher than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services, impacting homeowners' financial planning and overall cost of living in Torrington.
Average Torrington Tax Bill
$4,487
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Torrington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06790 | $2,877 | $3,773 | $4,487 | $5,397 | $6,854 |
Source: Ownwell