Montville, Connecticut Property Taxes
The median property tax rate in Montville, CT is 2.78%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Montville, the typical annual property tax bill reaches $3,470, exceeding the national median of $2,690. Property taxes in Montville 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 Montville'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 Montville 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
Montville, 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 Montville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montville 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 Montville, Connecticut
Property taxes in Montville, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montville is 2.78%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Montville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montville 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 Montville's effective property tax rate to other areas in Connecticut and the national median. For comparison, the zip code 06353 has both the highest and lowest median property tax rate of 2.78%. Understanding how these areas compare with Montville 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 Montville Tax Rate
2.78%
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 Montville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06353 | 2.78% | 2.78% | 2.78% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Montville, Connecticut
In Montville, 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 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 Montville, 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 Montville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Montville is $3,470 in the 06353 zip code.
Property Tax Assessment Values Across Montville, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Montville Assessed Value
$124,950
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 Montville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06353 | $17,899 | $87,518 | $124,950 | $163,502 | $220,969 |
Source: Ownwell
Property Tax Bills Across Montville, Connecticut
In Montville, New London County, CT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, known as the mill rate, is then applied to this assessed value. Homeowners in Montville experience varying property tax bills depending on their property's assessed value and specific mill rate. For instance, the 25th percentile tax bill is around $2,430, while the 75th percentile reaches approximately $4,540, and the 90th percentile can be as high as $6,136. Compared to the national median property tax rate of 0.99%, Montville's property taxes can be relatively high. This can significantly impact homeowners, as higher property tax bills can influence overall housing affordability and monthly expenses. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual financial obligations.
Average Montville Tax Bill
$3,470
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 Montville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06353 | $497 | $2,430 | $3,470 | $4,540 | $6,136 |
Source: Ownwell