Simsbury, Connecticut Property Taxes
The median property tax rate in Simsbury, CT is 3.18%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Simsbury, the typical annual property tax bill reaches $8,445, exceeding the national median of $2,690. Property taxes in Simsbury 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 Simsbury'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 Simsbury 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
Simsbury, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.18%
Estimate Property Tax Bill
$8,440
Ownwell’s Simsbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Simsbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Simsbury 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 Simsbury, Connecticut
Property taxes in Simsbury, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Simsbury is 3.18%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Simsbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Simsbury 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 Simsbury's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06070 zip code has the highest median property tax rate of 3.18%, while the 06070 zip code also has the lowest median tax rate of 3.18%. Understanding how these cities compare with Simsbury 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 Simsbury Tax Rate
3.18%
Average Hartford County Tax Rate
3.54%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Simsbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06070 | 3.18% | 3.18% | 3.18% | 3.18% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Simsbury, Connecticut
In Simsbury, 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 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 Simsbury, 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 Simsbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Simsbury is $265,405, with a median tax bill of $8,445 in the 06070 zip code. The tax bills range from $6,716 at the 25th percentile to $13,239 at the 90th percentile.
Average Simsbury Assessed Value
$265,405
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 Simsbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06070 | $162,407 | $211,068 | $265,405 | $319,200 | $416,059 |
Source: Ownwell
Property Tax Bills Across Simsbury, Connecticut
Property tax bills in Simsbury, Hartford County, CT are calculated based on the assessed value of a property, which is often a percentage of the market value. Homeowners in Simsbury face a median property tax rate of 0.99%, aligning with the national median. The tax bill is determined by multiplying the assessed value by the local tax rate. For instance, with a median home price of $265,405, homeowners can expect varying tax bills. The 25th percentile tax bill is around $6,716, while the 75th percentile reaches $10,157, and the 90th percentile can go up to $13,239. Factors influencing the tax bill include property location, size, and improvements. These taxes fund essential public services like education, infrastructure, and emergency services, directly impacting homeowners' quality of life. In Simsbury, the highest and lowest median tax bills are both $8,445, found in the 06070 zip code. Understanding these calculations helps homeowners anticipate their financial obligations and plan accordingly.
Average Simsbury Tax Bill
$8,445
Average Hartford County Tax Bill
$5,898
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Simsbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06070 | $5,168 | $6,716 | $8,445 | $10,157 | $13,239 |
Source: Ownwell