Wallingford, Connecticut Property Taxes
The median property tax rate in Wallingford, CT is 2.93%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Wallingford, the typical annual property tax bill reaches $5,305, exceeding the national median of $2,690. Property taxes in Wallingford 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 Wallingford'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 Wallingford 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
Wallingford, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$5,295
Ownwell’s Wallingford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallingford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallingford 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 Wallingford, Connecticut
Property taxes in Wallingford, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallingford is 2.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wallingford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallingford 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 Wallingford's effective property tax rate to other counties in Connecticut and the national median. For comparison, the ZIP code 06492 has the highest median property tax rate of 2.93%, while the same ZIP code also has the lowest median tax rate of 2.93%. Understanding how these cities compare with Wallingford 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 Wallingford Tax Rate
2.93%
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 Wallingford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06492 | 2.93% | 2.93% | 2.93% | 2.93% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Wallingford, Connecticut
In Wallingford, 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 New Haven 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 in Wallingford 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 Wallingford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wallingford are both $5305, found in the 06492 zip code.
Property Tax Assessment Values Across Wallingford, Connecticut
Source: Ownwell
$98,700
$369,750
$640,800
Average Wallingford Assessed Value
$180,700
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 Wallingford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06492 | $109,300 | $144,600 | $180,700 | $229,000 | $285,700 |
Source: Ownwell
Property Tax Bills Across Wallingford, Connecticut
In Wallingford, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. This rate is set by the local government and can vary annually based on budgetary needs and public services funding. Several factors influence the property tax bill, including the home's location within New Haven County, its assessed value, and the local tax rate. For instance, Wallingford's median home price is $180,700, and property tax bills in the area range significantly. Homeowners in the 25th percentile pay around $4,243, while those in the 75th percentile see bills as high as $6,719. The 90th percentile can reach up to $8,386. These property tax bills can significantly impact homeowners, influencing decisions on buying, selling, or investing in property improvements. Compared to the national median property tax rate of 0.99%, Wallingford's rates reflect the town's specific fiscal needs and priorities.
Average Wallingford Tax Bill
$5,305
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 Wallingford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06492 | $3,207 | $4,243 | $5,305 | $6,719 | $8,386 |
Source: Ownwell