Milford, Connecticut Property Taxes
The median property tax rate in Milford, CT is 2.72%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Milford at $238,110, the typical annual property tax bill reaches $6,470, exceeding the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, Connecticut Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$6,280
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Connecticut
Property taxes in Milford, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 2.72%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other areas in New Haven County and the national median. For comparison, the zip code 06460 has the highest median property tax rate of 2.72%, while the zip code 06461 has the lowest median tax rate of 2.72%. Understanding how these areas compare with Milford provides valuable insights into the varying tax landscape across New Haven County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
2.72%
Average New Haven County Tax Rate
3.48%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06460 | 2.72% | 2.72% | 2.72% | 2.72% | 2.72% |
| 06461 | 2.72% | 2.72% | 2.72% | 2.72% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Connecticut
Understanding the distinction between "market value" and "assessed value" is essential for comprehending property taxes in Milford, Connecticut. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limitations based on local regulations and available programs. The assessed value is then used to calculate property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Milford, 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 zip code 06461 has the highest median tax bill at $6,676, while the zip code 06460 has the lowest at $6,416. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$238,110
Average New Haven County Assessed Value
$174,720
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06460 | $148,785 | $200,082 | $236,160 | $294,710 | $412,330 |
| 06461 | $158,380 | $201,895 | $245,560 | $307,710 | $379,950 |
Source: Ownwell
Property Tax Bills Across Milford, Connecticut
Property tax bills in Milford, located in New Haven County, CT, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, known as the mill rate, is applied to this assessed value to determine the annual tax bill. In Milford, the median home price stands at $238,110, and the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is around $5,449, while at the 75th percentile, it rises to approximately $8,128. The 90th percentile sees tax bills as high as $10,796. Factors such as property location, home improvements, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. Homeowners in the 06461 zip code experience the highest median tax bill at $6,676, whereas those in the 06460 zip code have a slightly lower median tax bill of $6,416. Compared to the national median property tax rate of 0.99%, Milford's rates can place a notable financial burden on homeowners.
Average Milford Tax Bill
$6,470
Average New Haven County Tax Bill
$6,350
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06460 | $4,042 | $5,436 | $6,416 | $8,007 | $11,205 |
| 06461 | $4,303 | $5,486 | $6,676 | $8,361 | $10,323 |
Source: Ownwell