Colchester, Connecticut Property Taxes
The median property tax rate in Colchester, 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 Colchester at $196,550, the typical annual property tax bill reaches $5,350, exceeding the national median of $2,690. Property taxes in Colchester 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 Colchester'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 Colchester 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
Colchester, 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 Colchester Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Colchester with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Colchester to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Colchester, Connecticut
Property taxes in Colchester, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colchester is 2.72%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Colchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colchester 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 Colchester's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06415 has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Colchester provides valuable insights into the varying tax landscape across New London County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colchester Tax Rate
2.72%
Average New London County Tax Rate
2.72%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | 2.72% | 2.72% | 2.72% | 2.72% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Colchester, Connecticut
In Colchester, 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 London County Assessor's Office 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 Colchester, 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 Colchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Colchester is $196,550, with tax bills ranging from $4,243 at the 25th percentile to $8,129 at the 90th percentile. The highest and lowest median tax bill in the area is $5,350 in zip code 06415.
Property Tax Assessment Values Across Colchester, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Colchester Assessed Value
$196,550
Average New London County Assessed Value
$177,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | $126,130 | $155,875 | $196,550 | $244,500 | $298,640 |
Source: Ownwell
Property Tax Bills Across Colchester, Connecticut
In Colchester, property tax bills are calculated by assessing the market value of a home and applying the local tax rate to that value. The median home price in Colchester is $196,550, and the property tax rate is calculated based on this assessed value. Homeowners in Colchester can expect their tax bills to vary significantly, with the 25th percentile at $4,243 and the 75th percentile reaching $6,655. For those in the 90th percentile, tax bills can be as high as $8,129. Factors influencing the tax bill include the home's assessed value, local tax rate, and any applicable exemptions or deductions. These property taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Colchester's tax rates result in relatively high tax bills, reflecting the town's commitment to maintaining robust public services and infrastructure.
Average Colchester Tax Bill
$5,350
Average New London County Tax Bill
$4,738
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | $3,433 | $4,243 | $5,350 | $6,655 | $8,129 |
Source: Ownwell