Marion, Connecticut Property Taxes
The median property tax rate in Marion, CT is 3.04%, significantly higher than both the national median of 0.99% and Connecticut's state median of 3.14%. With the median home value in Marion at $199,465, the typical annual property tax bill reaches $6,056, far exceeding the national median of $2,690. Property taxes in Marion are calculated based on the assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Marion'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 Marion 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
Marion, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$6,064
Ownwell’s Marion Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Connecticut
Property taxes in Marion, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 2.14%, significantly higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06444 zip code has the highest median property tax rate of 2.14%, while the same zip code also has the lowest median tax rate of 2.14%. Understanding how these cities compare with Marion provides valuable insights into the varying tax landscape across Hartford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
3.04%
Average Hartford County Tax Rate
3.54%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06444 | 3.04% | 3.04% | 3.04% | 3.04% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marion, Hartford County, Connecticut. 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 county's 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 Marion, 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Marion is 06444, both standing at $6056.
Average Marion Assessed Value
$199,465
Average Hartford County Assessed Value
$166,460
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06444 | $148,140 | $157,650 | $199,465 | $316,022 | $387,505 |
Source: Ownwell
Property Tax Bills Across Marion, Connecticut
In Marion, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Marion can expect their property taxes to be influenced by several factors, including the local tax rate and the assessed value of their property. For instance, with a median home price of $199,465, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $4,786 annually, while those at the 75th percentile could see bills as high as $9,594. For the top 10% of properties, tax bills can reach up to $11,765. This variability means that property taxes in Marion can have a substantial impact on household budgets, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Marion are both recorded at $6,056 in the 06444 zip code, reflecting the area's consistent approach to property tax assessment.
Average Marion Tax Bill
$6,056
Average Hartford County Tax Bill
$5,898
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06444 | $4,498 | $4,786 | $6,056 | $9,594 | $11,765 |
Source: Ownwell