South Lyme, Connecticut Property Taxes
The median property tax rate in South 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 South Lyme, the typical annual property tax bill reaches $6,004, exceeding the national median of $2,690. Property taxes in South 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 South 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 South 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
South Lyme, 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 South Lyme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Lyme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Lyme, Connecticut
Property taxes in South Lyme, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South 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 South Lyme set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Lyme's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06376 zip code has the highest median property tax rate of 2.35%, while the 06376 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with South 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 South 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 South Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06376 | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across South Lyme, Connecticut
In South Lyme, 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 South 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 South 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 the area are both $6004, found in the 06376 zip code.
Property Tax Assessment Values Across South Lyme, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average South Lyme Assessed Value
$255,500
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 South Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06376 | $255,500 | $255,500 | $255,500 | $255,500 | $255,500 |
Source: Ownwell
Property Tax Bills Across South Lyme, Connecticut
In South Lyme, New London County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, or mill rate, is then applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value. For homeowners in South Lyme, the median home price is $255,500, and the median tax bill is consistently $6,004, regardless of the percentile. This is significantly higher than the national median property tax rate of 0.99%, reflecting the region's higher property values and tax rates. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average South Lyme Tax Bill
$6,004
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 South Lyme, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06376 | $6,004 | $6,004 | $6,004 | $6,004 | $6,004 |
Source: Ownwell