Cos Cob, Connecticut Property Taxes
The median property tax rate in Cos Cob, CT is 1.16%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Cos Cob, the typical annual property tax bill reaches $8,202, exceeding the national median of $2,690. Property taxes in Cos Cob 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 Cos Cob'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 Cos Cob 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
Cos Cob, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$8,183
$7,594
Ownwell’s Cos Cob Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cos Cob with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cos Cob 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 Cos Cob, Connecticut
Property taxes in Cos Cob, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cos Cob is 1.16%, higher than both the Connecticut state median of 1.11% and the U.S. national median of 0.99%. Local government entities within Cos Cob set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cos Cob 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 Cos Cob's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06807 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Cos Cob provides valuable insights into the varying tax landscape across Fairfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cos Cob Tax Rate
1.16%
Average Fairfield County Tax Rate
2.52%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cos Cob, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06807 | 1.14% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Cos Cob, Connecticut
In Cos Cob, 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 Fairfield 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 Cos Cob, 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 Cos Cob helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $705,460, with tax bills ranging from $6,708 at the 25th percentile to $15,677 at the 90th percentile. Notably, the zip code 06807 has the highest and lowest median tax bill at $8,202.
Average Cos Cob Assessed Value
$705,460
Average Fairfield County Assessed Value
$310,800
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cos Cob, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06807 | $462,910 | $575,855 | $705,460 | $984,952 | $1,356,530 |
Source: Ownwell
Property Tax Bills Across Cos Cob, Connecticut
In Cos Cob, Connecticut, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The local tax rate, known as the mill rate, is then applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and condition can influence its assessed value. For homeowners in Cos Cob, the median home price stands at $705,460. Property tax bills in the area can vary significantly, with the 25th percentile bill at $6,708 and the 75th percentile reaching $11,382. At the higher end, the 90th percentile tax bill is $15,677. The median tax bill in Cos Cob is notably higher than the national median property tax rate of 0.99%. This means homeowners in Cos Cob generally face higher property tax obligations, which can impact their overall cost of living and financial planning.
Average Cos Cob Tax Bill
$8,202
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Cos Cob, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06807 | $5,386 | $6,708 | $8,202 | $11,382 | $15,677 |
Source: Ownwell