Lyme, Connecticut Property Taxes
The median property tax rate in Lyme, CT is 1.95%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Lyme, the typical annual property tax bill reaches $2,672, closely aligning with the national median of $2,690. Property taxes in Lyme 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 Lyme'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 Lyme 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
Lyme, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$2,672
Ownwell’s Lyme Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lyme with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lyme to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you plan your finances more effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available as you scroll down. Your property’s assessed value, determined by New London County, is crucial for calculating property taxes and considers any applicable exemptions.
Property Tax Rates Across Lyme, Connecticut
Property taxes in Lyme, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyme is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyme 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 Lyme's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06371 zip code has the highest median property tax rate of 1.95%, while the same zip code also records the lowest median tax rate of 1.95%. Understanding how these cities compare with Lyme 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 Lyme Tax Rate
1.95%
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 Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lyme, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lyme, Connecticut. 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 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 Lyme, 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 Lyme helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lyme are both $2672, found in the 06371 zip code.
Average Lyme Assessed Value
$137,000
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 Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $73,175 | $91,839 | $137,000 | $218,500 | $352,425 |
Source: Ownwell
Property Tax Bills Across Lyme, Connecticut
In Lyme, located in New London County, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Lyme experience property tax rates that can significantly affect their annual expenses. For instance, with a median home price of $137,000, property tax bills can vary widely. At the 25th percentile, homeowners might pay around $1,791 annually, while those at the 75th percentile could see bills as high as $4,261. At the 90th percentile, tax bills can reach up to $6,872. The property tax rate in Lyme is influenced by several factors, including local government budgets, school funding needs, and public service requirements. Compared to the national median property tax rate of 0.99%, Lyme's rates can be considered relatively high, reflecting the region's specific fiscal demands. For homeowners, this means that property taxes can form a substantial part of their yearly financial planning, impacting decisions on home purchases and long-term investments.
Average Lyme Tax Bill
$2,672
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 Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $1,427 | $1,791 | $2,672 | $4,261 | $6,872 |
Source: Ownwell