Waterbury, Connecticut Property Taxes
The median property tax rate in Waterbury, CT is 3.69%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Waterbury at $86,950, the typical annual property tax bill reaches $3,205, exceeding the national median of $2,690. Property taxes in Waterbury are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waterbury'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 Waterbury 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
Waterbury, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.69%
Estimate Property Tax Bill
$3,208
Ownwell’s Waterbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterbury 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 Waterbury, Connecticut
Property taxes in Waterbury, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterbury is 3.69%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Waterbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterbury 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 Waterbury's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06704 zip code has the highest median property tax rate of 3.69%, while the 06708 zip code also has a median tax rate of 3.69%. Understanding how these areas compare with Waterbury 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 Waterbury Tax Rate
3.69%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06704 | 3.69% | 3.69% | 3.69% | 3.69% | 3.69% |
| 06708 | 3.69% | 3.69% | 3.69% | 3.69% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Waterbury, Connecticut
In Waterbury, 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. 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. In Waterbury, the highest median tax bill is $3,948 in the 06704 zip code, while the lowest median tax bill is $2,462 in the 06708 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterbury Assessed Value
$86,950
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 Waterbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06704 | $107,100 | $107,100 | $107,100 | $107,100 | $107,100 |
| 06708 | $66,800 | $66,800 | $66,800 | $66,800 | $66,800 |
Source: Ownwell
Property Tax Bills Across Waterbury, Connecticut
Property tax bills in Waterbury, located in Litchfield County, Connecticut, are calculated based on the assessed value of a property, which is a percentage of its market value. For instance, if the median home price is $86,950, the assessed value is determined by the local assessment ratio set by the county. This assessed value is then multiplied by the local mill rate to determine the annual property tax bill. Several factors influence the tax bill, including property location, size, and any applicable exemptions. Homeowners in Waterbury see varied tax bills, with the 25th percentile at $2,834 and the 75th percentile at $3,576. The highest median tax bill in the city is $3,948 in the 06704 zip code, while the lowest is $2,462 in the 06708 zip code. These figures can significantly impact homeowners, making it essential to understand the local tax structure and potential savings through appeals or exemptions. Compared to the national median property tax rate of 0.99%, Waterbury's tax rates reflect the local economic and policy environment.
Average Waterbury Tax Bill
$3,205
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06704 | $3,948 | $3,948 | $3,948 | $3,948 | $3,948 |
| 06708 | $2,462 | $2,462 | $2,462 | $2,462 | $2,462 |
Source: Ownwell