Old Greenwich, Connecticut Property Taxes
The median property tax rate in Old 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 Old Greenwich, the typical annual property tax bill reaches $11,724, exceeding the national median of $2,690. Property taxes in Old 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 Old 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 Old 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
Old Greenwich, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$11,688
Ownwell’s Old Greenwich Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Greenwich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Greenwich 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 Old Greenwich, Connecticut
Property taxes in Old Greenwich, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Greenwich is 1.16%, higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Old Greenwich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old 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 Old Greenwich's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06870 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 Old 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 Old 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 Old Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06870 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Old Greenwich, Connecticut
In Old 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 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 Old Greenwich, 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 Old Greenwich is $1,007,580, with tax bills ranging from $7,524 at the 25th percentile to $26,329 at the 90th percentile. The highest and lowest median tax bills in the area are both $11,724, found in the 06870 zip code. 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 Old Greenwich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Old Greenwich, Connecticut
Source: Ownwell
$44,380
$583,940
$1,123,500
Average Old Greenwich Assessed Value
$1,007,580
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 Old Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06870 | $346,990 | $646,730 | $1,007,580 | $1,565,410 | $2,262,680 |
Source: Ownwell
Property Tax Bills Across Old Greenwich, Connecticut
In Old Greenwich, CT, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For example, with a median home price of $1,007,580, the tax bill can vary significantly. Factors such as property location, size, and improvements are considered in the assessment process. Homeowners in Old Greenwich experience a range of tax bills. The 25th percentile tax bill is around $7,524, while the 75th percentile reaches up to $18,215. For those at the 90th percentile, the tax bill can soar to $26,329. These figures are notably higher compared to the national median property tax rate of 0.99%. The highest median tax bill in Old Greenwich is $11,724, reflecting the area's premium real estate market. This substantial financial commitment impacts homeowners, influencing decisions on property investments and budgeting for annual expenses.
Average Old Greenwich Tax Bill
$11,724
Average Fairfield County Tax Bill
$8,346
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Greenwich, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06870 | $4,037 | $7,524 | $11,724 | $18,215 | $26,329 |
Source: Ownwell