Greenwich, Connecticut Property Taxes
The median property tax rate in Greenwich, 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 Greenwich, the typical annual property tax bill reaches $11,060, exceeding the national median of $2,690. Property taxes in Greenwich 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 Greenwich'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 Greenwich 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
Greenwich, 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 Greenwich Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Greenwich using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwich to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, which considers any applicable exemptions.
Property Tax Rates Across Greenwich, Connecticut
Property taxes in Greenwich, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwich is 1.16%, higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Greenwich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwich 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 Greenwich's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06830 zip code has the highest median property tax rate of 1.16%, while the 06831 zip code has the lowest median tax rate of 1.16%. Understanding how these cities compare with Greenwich 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 Greenwich 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 Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06830 | 1.14% | 1.14% | 1.16% | 1.16% | 1.16% |
| 06831 | 1.14% | 1.14% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Greenwich, Connecticut
In Greenwich, 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 Assessor's Office 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. Assessment notices in Greenwich 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. For instance, the highest median tax bill is $11,954 in the 06830 zip code, while the lowest is $9,904 in the 06831 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Greenwich, Connecticut
Source: Ownwell
$44,380
$583,940
$1,123,500
Average Greenwich Assessed Value
$948,360
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 Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06830 | $404,474 | $525,490 | $1,032,570 | $1,948,940 | $3,367,462 |
| 06831 | $445,319 | $537,758 | $842,765 | $1,881,652 | $3,375,582 |
Source: Ownwell
Property Tax Bills Across Greenwich, Connecticut
In Greenwich, Fairfield County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Homeowners in Greenwich face varying tax bills depending on their property's assessed value and the local tax rate. The median home price in Greenwich stands at $948,360, which significantly influences the tax bills. Factors such as property size, location, and condition play crucial roles in determining the assessed value. For example, the median tax bill in the 06830 zip code is the highest at $11,954, while the 06831 zip code sees a lower median tax bill of $9,904. Tax bills can range widely, with the 25th percentile at $6,190 and the 90th percentile reaching up to $38,792. Compared to the national median property tax rate of 0.99%, Greenwich homeowners often experience higher tax obligations, reflecting the area's high property values and local tax rates.
Average Greenwich Tax Bill
$11,060
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06830 | $4,706 | $6,109 | $11,954 | $22,429 | $38,737 |
| 06831 | $5,177 | $6,258 | $9,904 | $21,825 | $38,867 |
Source: Ownwell