Storrs Mansfield, Connecticut Property Taxes
The median property tax rate in Storrs Mansfield, CT is 3.15%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Storrs Mansfield at $159,400, the typical annual property tax bill reaches $5,036, exceeding the national median of $2,690. Property taxes in Storrs Mansfield 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 Storrs Mansfield'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 Storrs Mansfield 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
Storrs Mansfield, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.15%
Estimate Property Tax Bill
$5,021
Ownwell’s Storrs Mansfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Storrs Mansfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Storrs Mansfield 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 Storrs Mansfield, Connecticut
Property taxes in Storrs Mansfield, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Storrs Mansfield is 3.15%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Storrs Mansfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Storrs Mansfield 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 Storrs Mansfield's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06269 zip code has the highest median property tax rate of 3.15%, while the 06268 zip code has the lowest median tax rate of 3.15%. Understanding how these areas compare with Storrs Mansfield provides valuable insights into the varying tax landscape across Tolland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Storrs Mansfield Tax Rate
3.15%
Average Tolland County Tax Rate
3.34%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Storrs Mansfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06268 | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% |
| 06269 | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Storrs Mansfield, Connecticut
In Storrs Mansfield, 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 Tolland County 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 Storrs Mansfield, 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 Storrs Mansfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $11,773 in the 06269 zip code, while the lowest is $5,034 in the 06268 zip code.
Property Tax Assessment Values Across Storrs Mansfield, Connecticut
Source: Ownwell
$20,800
$274,665
$528,530
Average Storrs Mansfield Assessed Value
$159,400
Average Tolland County Assessed Value
$164,900
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Storrs Mansfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06268 | $56,400 | $124,550 | $159,400 | $197,500 | $253,230 |
| 06269 | $373,500 | $373,500 | $373,500 | $373,500 | $373,500 |
Source: Ownwell
Property Tax Bills Across Storrs Mansfield, Connecticut
In Storrs Mansfield, 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 typically represents a percentage of the property's market value. Homeowners in Storrs Mansfield experience property tax bills that vary significantly, influenced by the specific characteristics and assessed values of their homes. For instance, the median home price in Storrs Mansfield is $159,400. Property tax bills can range widely, with the 25th percentile at $3,959 and the 75th percentile reaching $6,246. At the higher end, the 90th percentile tax bill goes up to $7,993. The highest median tax bill in the area is $11,773 in the 06269 zip code, while the lowest median tax bill is $5,034 in the 06268 zip code. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of life in the community. Comparing to the national median property tax rate of 0.99%, Storrs Mansfield's property tax rates reflect the region's specific fiscal needs and property values.
Average Storrs Mansfield Tax Bill
$5,036
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Storrs Mansfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06268 | $1,869 | $3,959 | $5,034 | $6,235 | $7,986 |
| 06269 | $11,773 | $11,773 | $11,773 | $11,773 | $11,773 |
Source: Ownwell