Old Lyme, Connecticut Property Taxes
The median property tax rate in Old Lyme, CT is 2.35%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Old Lyme at $246,500, the typical annual property tax bill reaches $5,609, exceeding the national median of $2,690. Property taxes in Old 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 Old 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 Old 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
Old Lyme, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$5,793
Ownwell’s Old Lyme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Lyme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Lyme 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 Old Lyme, Connecticut
Property taxes in Old Lyme, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Lyme is 2.35%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Old Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old 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 Old 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 2.35%, while the 06371 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Old Lyme provides valuable insights into the varying tax landscape across New London, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Lyme Tax Rate
2.35%
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 Old Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | 1.95% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Old Lyme, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Old 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 local 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 Old 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 Old 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 Old Lyme are both $5,609, found in the zip code 06371, highlighting a consistent tax environment across the region.
Average Old Lyme Assessed Value
$246,500
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 Old Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $153,590 | $194,125 | $246,500 | $335,100 | $498,070 |
Source: Ownwell
Property Tax Bills Across Old Lyme, Connecticut
In Old Lyme, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value, making it crucial for homeowners to ensure their property's assessment is accurate. For homeowners in Old Lyme, the property tax burden can vary significantly. At the 25th percentile, tax bills are around $4,453, while those at the 75th percentile see bills closer to $7,598. The top 10% of taxpayers face bills upwards of $11,112. Compared to the national median property tax rate of 0.99%, the property tax rates in Old Lyme can be relatively high, reflecting the local funding needs for public services and infrastructure. Accurate property assessments and understanding local tax rates are essential for homeowners to manage their financial obligations effectively.
Average Old Lyme Tax Bill
$5,609
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 Old Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $3,466 | $4,453 | $5,609 | $7,598 | $11,112 |
Source: Ownwell