Salem, Connecticut Property Taxes
The median property tax rate in Salem, CT is 2.88%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Salem, the typical annual property tax bill reaches $5,728, exceeding the national median of $2,690. Property taxes in Salem 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 Salem'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 Salem 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
Salem, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$5,731
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem 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 Salem, Connecticut
Property taxes in Salem, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 2.88%, significantly higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06420 zip code has the highest median property tax rate of 2.88%, while the 06420 zip code also has the lowest median tax rate of 2.88%. Understanding how these cities compare with Salem 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 Salem Tax Rate
2.88%
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 Salem, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06420 | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Connecticut
In Salem, 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 Salem, 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Salem is $199,000, with the 25th percentile tax bill at $4,530 and the 75th percentile at $7,304. The highest and lowest median tax bills, both at $5,728, are in the 06420 zip code.
Average Salem Assessed Value
$199,000
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 Salem, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06420 | $115,300 | $157,400 | $199,000 | $253,600 | $319,020 |
Source: Ownwell
Property Tax Bills Across Salem, Connecticut
Property tax bills in Salem, located in New London County, CT, are determined by assessing the market value of a property and applying the local tax rate to this value. This tax rate is set by the local government and can vary year to year based on budgetary needs and other factors. For homeowners in Salem, the median home price is $199,000, and the property tax rate in New London County results in tax bills ranging from the 25th percentile at $4,530 to the 75th percentile at $7,304, with the 90th percentile reaching up to $9,188. Comparatively, the national median property tax rate is 0.99%, making Salem's property taxes significantly higher. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners need to be aware of these costs as they can significantly influence the affordability of owning property in the area.
Average Salem Tax Bill
$5,728
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 Salem, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06420 | $3,321 | $4,530 | $5,728 | $7,304 | $9,188 |
Source: Ownwell