Fairfield, Connecticut Property Taxes
The median property tax rate in Fairfield, CT is 2.75%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Fairfield at $375,200, the typical annual property tax bill reaches $10,322, significantly exceeding the national median of $2,690. Property taxes in Fairfield 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 Fairfield'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 Fairfield 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
Fairfield, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$10,318
Ownwell’s Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, Connecticut
Property taxes in Fairfield, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 2.75%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06825 has the highest median property tax rate of 2.75%, while the zip code 06824 has the lowest median tax rate of 2.75%. Understanding how these areas compare with Fairfield 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 Fairfield Tax Rate
2.75%
Average Fairfield County Tax Rate
2.52%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06824 | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
| 06825 | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Connecticut
In Fairfield, 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 local 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 Fairfield, 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. The median home price in Fairfield is $375,200, with tax bills ranging from $8,248 at the 25th percentile to $19,668 at the 90th percentile. The highest median tax bill is in zip code 06824 at $11,867, while the lowest is in zip code 06825 at $8,564. 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 Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fairfield, Connecticut
Source: Ownwell
$44,380
$583,940
$1,123,500
Average Fairfield Assessed Value
$375,200
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 Fairfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06824 | $281,869 | $339,010 | $431,305 | $597,100 | $830,151 |
| 06825 | $211,918 | $253,540 | $311,290 | $380,748 | $468,104 |
Source: Ownwell
Property Tax Bills Across Fairfield, Connecticut
Property tax bills in Fairfield, CT, are determined by assessing the market value of a property and applying the local tax rate to this value. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the county's tax rate to calculate the annual tax bill. Factors such as property size, location, and condition play a significant role in determining the market value. Homeowners in Fairfield experience varying property tax bills based on these assessments. For instance, the median home price in Fairfield is $375,200, leading to significant tax bills. The tax bill at the 25th percentile is $8,248, while at the 75th percentile, it reaches $14,066. At the 90th percentile, it escalates to $19,668. The highest median tax bill in the area is $11,867 in the 06824 zip code, compared to the lowest median tax bill of $8,564 in the 06825 zip code. These tax obligations can significantly impact household finances, making it crucial for homeowners to understand how their tax bills are calculated.
Average Fairfield Tax Bill
$10,322
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06824 | $7,756 | $9,326 | $11,867 | $16,434 | $22,838 |
| 06825 | $5,830 | $6,975 | $8,564 | $10,474 | $12,877 |
Source: Ownwell