Taftville, Connecticut Property Taxes
The median property tax rate in Taftville, CT is 4.18%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Taftville at $86,800, the typical annual property tax bill reaches $3,633, far exceeding the national median of $2,690. Property taxes in Taftville 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 Taftville'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 Taftville 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
Taftville, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.18%
Estimate Property Tax Bill
$3,628
Ownwell’s Taftville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taftville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taftville 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 Taftville, Connecticut
Property taxes in Taftville, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taftville is 4.18%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Taftville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taftville 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 Taftville's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06380 zip code has the highest median property tax rate of 4.18%, while the 06380 zip code also has the lowest median tax rate of 4.18%. Understanding how these cities compare with Taftville 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 Taftville Tax Rate
4.18%
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 Taftville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06380 | 4.18% | 4.18% | 4.18% | 4.19% | 4.19% |
Source: Ownwell
Property Tax Assessment Values Across Taftville, Connecticut
In Taftville, 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 Taftville, 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 Taftville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $86,800, with tax bills ranging from $3,256 at the 25th percentile to $5,010 at the 90th percentile. The highest and lowest median tax bills are both $3,633, found in the 06380 zip code.
Property Tax Assessment Values Across Taftville, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Taftville Assessed Value
$86,800
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 Taftville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06380 | $68,700 | $77,800 | $86,800 | $99,800 | $118,060 |
Source: Ownwell
Property Tax Bills Across Taftville, Connecticut
Property tax bills in Taftville, located in New London County, CT, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate, known as the mill rate, is then applied to this assessed value to determine the annual tax bill. In Taftville, the median home price is $86,800, leading to a median property tax bill of $3,633. This is significantly higher than the national median property tax rate of 0.99%, reflecting the region's higher tax rates. Several factors influence the tax bill, including property size, location, and any applicable exemptions or abatements. For instance, the 25th percentile tax bill in Taftville is $3,256, while the 75th percentile tax bill is $4,177, and the 90th percentile tax bill reaches $5,010. These variations demonstrate how individual property characteristics and local tax policies can significantly impact what homeowners owe each year. Consequently, property taxes in Taftville can be a substantial financial consideration for homeowners.
Average Taftville Tax Bill
$3,633
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 Taftville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06380 | $2,875 | $3,256 | $3,633 | $4,177 | $5,010 |
Source: Ownwell