Watertown, Connecticut Property Taxes
The median property tax rate in Watertown, 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 Watertown at $167,200, the typical annual property tax bill reaches $6,163, exceeding the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.69%
Estimate Property Tax Bill
$6,170
Ownwell’s Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Connecticut
Property taxes in Watertown, Connecticut, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 3.69%, significantly higher than the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other areas in Connecticut and the national median. For comparison, the zip code with the highest median property tax rate in Watertown is 06779, also at 3.69%, while the lowest is in zip code 06795, at the same rate of 3.69%. Understanding how these areas compare with Watertown 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 Watertown 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 Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | 3.69% | 3.69% | 3.69% | 3.69% | 3.69% |
| 06795 | 3.69% | 3.69% | 3.69% | 3.69% | 3.69% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Connecticut
In Watertown, 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 local 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 Watertown, 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. For instance, the highest median tax bill in Watertown is $6,598 in the 06779 zip code, while the lowest is $6,163 in the 06795 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watertown Assessed Value
$167,200
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 Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | $150,040 | $160,900 | $179,000 | $197,100 | $207,960 |
| 06795 | $110,640 | $134,200 | $167,200 | $221,100 | $275,980 |
Source: Ownwell
Property Tax Bills Across Watertown, Connecticut
In Watertown, Litchfield County, CT, 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, also known as the mill rate, is then applied to this assessed value. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Watertown, the median home price stands at $167,200. Tax bills can vary significantly, with the 25th percentile at $4,947 and the 75th percentile at $8,146. The highest median tax bill in the area reaches $6,598 in the 06779 zip code, while the lowest median tax bill is $6,163 in the 06795 zip code. Compared to the national median property tax rate of 0.99%, Watertown's property taxes can be relatively high, impacting homeowners' annual expenses. This system ensures that property taxes are proportionate to the value of the property, funding essential local services and infrastructure.
Average Watertown Tax Bill
$6,163
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06779 | $5,531 | $5,931 | $6,598 | $7,265 | $7,665 |
| 06795 | $4,078 | $4,947 | $6,163 | $8,148 | $10,173 |
Source: Ownwell