Willimantic, Connecticut Property Taxes
The median property tax rate in Willimantic, 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 Willimantic at $159,200, the typical annual property tax bill reaches $5,018, exceeding the national median of $2,690. Property taxes in Willimantic 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 Willimantic'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 Willimantic 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
Willimantic, 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 Willimantic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willimantic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willimantic 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 Willimantic, Connecticut
Property taxes in Willimantic, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willimantic is 3.15%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Willimantic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willimantic 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 Willimantic's effective property tax rate to other areas in Connecticut and the national median. For comparison, the highest median property tax rate within the same zip code is also 3.15%, while the lowest median tax rate is 3.15%. Understanding how these figures compare with Willimantic 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 Willimantic 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 Willimantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06226 | 3.15% | 3.15% | 3.15% | 3.15% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Willimantic, Connecticut
In Willimantic, 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 Tolland 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 Willimantic, 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. With a median home price of $159,200, the median tax bill can range from $4,306 at the 25th percentile to $5,263 at the 90th percentile. The highest and lowest median tax bills in Willimantic are both $5,018, found in the 06226 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Willimantic, Connecticut
Source: Ownwell
$20,800
$274,665
$528,530
Average Willimantic Assessed Value
$159,200
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 Willimantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06226 | $122,980 | $136,600 | $159,200 | $160,900 | $166,980 |
Source: Ownwell
Property Tax Bills Across Willimantic, Connecticut
In Willimantic, 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, known as the mill rate, is then applied to this assessed value. Factors influencing the tax bill include the property's market value, assessment ratio, and the mill rate set by local government authorities. For homeowners, this means that fluctuations in property values or changes in the mill rate can directly impact their annual tax obligations. In Tolland County, the median home price is $159,200, with property tax bills ranging from $4,306 at the 25th percentile to $5,263 at the 90th percentile. The median tax bill in the area is $5,018, significantly higher than the national median property tax rate of 0.99%. This higher rate can place a considerable financial burden on homeowners, making it essential for them to stay informed about their property’s assessed value and any changes in local tax policies.
Average Willimantic Tax Bill
$5,018
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Willimantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06226 | $3,876 | $4,306 | $5,018 | $5,072 | $5,263 |
Source: Ownwell