Riverton, Connecticut Property Taxes
The median property tax rate in Riverton, CT is 2.72%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Riverton, the typical annual property tax bill reaches $5,028, exceeding the national median of $2,690. Property taxes in Riverton 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 Riverton'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 Riverton 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
Riverton, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$5,019
Ownwell’s Riverton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Riverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverton to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, there is more localized information available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any exemptions that may apply.
Property Tax Rates Across Riverton, Connecticut
Property taxes in Riverton, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 2.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other areas in Connecticut and the national median. For comparison, the highest and lowest median property tax rates in Riverton are both 2.72%, highlighting the consistency within the area. Understanding how these rates compare with Riverton 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 Riverton Tax Rate
2.72%
Average Hartford County Tax Rate
3.54%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | 2.72% | 2.72% | 2.72% | 2.73% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Riverton, 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 Hartford 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 Riverton, 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. For instance, the median home price in Riverton is $184,530, with tax bills ranging from $4,227 at the 25th percentile to $7,563 at the 90th percentile. The zip code with the highest and lowest median tax bill is 06065, both at $5,028. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverton Assessed Value
$184,530
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 Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | $129,373 | $155,135 | $184,530 | $221,932 | $277,544 |
Source: Ownwell
Property Tax Bills Across Riverton, Connecticut
In Riverton, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value determined by local assessors. The tax rate, expressed as a mill rate, is then applied to this assessed value to determine the annual tax bill. The median home price in Riverton is $184,530, and the median property tax rate in Hartford County is significantly higher than the national median of 0.99%. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. For instance, homes in the 25th percentile of tax bills pay around $4,227 annually, while those in the 75th percentile pay about $6,048. The highest tax bills, in the 90th percentile, can reach up to $7,563. These costs can have a substantial impact on homeowners, affecting their overall financial planning and the affordability of maintaining their property. Understanding these factors is crucial for homeowners looking to manage their property taxes effectively.
Average Riverton Tax Bill
$5,028
Average Hartford County Tax Bill
$5,898
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06065 | $3,526 | $4,227 | $5,028 | $6,048 | $7,563 |
Source: Ownwell