Portland, Connecticut Property Taxes
The median property tax rate in Portland, CT is 3.25%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Portland, the typical annual property tax bill reaches $5,751, exceeding the national median of $2,690. Property taxes in Portland 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 Portland'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 Portland 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
Portland, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.25%
Estimate Property Tax Bill
$5,758
Ownwell’s Portland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portland 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 Portland, Connecticut
Property taxes in Portland, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portland is 3.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Portland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portland 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 Portland's effective property tax rate to other areas and the national median. For comparison, the 06480 zip code has the same median property tax rate of 3.25%, providing valuable insights into the consistent tax landscape across Middlesex County. Understanding how these cities compare with Portland helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portland Tax Rate
3.25%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06480 | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Portland, Connecticut
In Portland, 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 Middlesex 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 Portland, 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 Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 06480 has the highest and lowest median tax bill at $5,751, highlighting the importance of understanding these values.
Average Portland Assessed Value
$177,170
Average Middlesex County Assessed Value
$200,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06480 | $123,270 | $143,605 | $177,170 | $235,305 | $284,130 |
Source: Ownwell
Property Tax Bills Across Portland, Connecticut
In Portland, 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, or mill rate, is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $177,170, homeowners can expect a range of tax bills depending on their property's assessed value. The 25th percentile tax bill is approximately $4,662, while the 75th percentile reaches around $7,638, and the 90th percentile can go up to $9,223. These tax bills are influenced by various factors, including changes in property values, local government budgets, and specific exemptions or abatements available to homeowners. Compared to the national median property tax rate of 0.99%, Portland's rates can be significantly higher, impacting homeowners' annual expenses. Understanding these factors can help residents anticipate their financial obligations and plan accordingly.
Average Portland Tax Bill
$5,751
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Portland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06480 | $4,001 | $4,662 | $5,751 | $7,638 | $9,223 |
Source: Ownwell