Bantam, Litchfield County, Connecticut Property Taxes
The median property tax rate in Bantam, CT is 2.67%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Bantam, the typical annual property tax bill reaches $4,275, exceeding the national median of $2,690. Property taxes in Bantam 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 Bantam'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 Bantam 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
Bantam, Litchfield County, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.67%
Estimate Property Tax Bill
$4,203
$3,900
Ownwell’s Bantam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bantam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bantam 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 Bantam, Litchfield County, Connecticut
Property taxes in Bantam, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bantam is 2.67%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Bantam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bantam 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 Bantam's effective property tax rate to other areas in Connecticut and the national median. For comparison, the zip code 06750 has the highest median property tax rate of 2.67%, while the same zip code also has the lowest median tax rate of 2.67%. Understanding how these figures compare with Bantam provides valuable insights into the varying tax landscape across Litchfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bantam Tax Rate
2.67%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bantam, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06750 | 2.67% | 2.67% | 2.67% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Bantam, Litchfield County, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bantam, 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 Litchfield 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. Assessment notices in Bantam 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bantam, the median home price is $157,400, with the highest and lowest median tax bills both being $4,275 in zip code 06750.
Property Tax Assessment Values Across Bantam, Litchfield County, Connecticut
Source: Ownwell
$93,590
$292,898
$492,205
Average Bantam Assessed Value
$157,400
Average Litchfield County Assessed Value
$166,200
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bantam, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06750 | $103,394 | $122,330 | $157,400 | $229,090 | $318,304 |
Source: Ownwell
Property Tax Bills Across Bantam, Litchfield County, Connecticut
In Bantam, located in Litchfield County, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, known as the mill rate, is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $157,400, homeowners can expect a range of tax bills depending on their property's assessed value and the specific mill rate applied. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For example, the 25th percentile tax bill in Bantam is around $3,353, while the 75th percentile reaches $6,194, and the 90th percentile can go up to $8,513. Compared to the national median property tax rate of 0.99%, Bantam's tax rates can be significantly higher, impacting homeowners' annual expenses. Understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Bantam Tax Bill
$4,275
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Bantam, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06750 | $2,861 | $3,353 | $4,275 | $6,194 | $8,513 |
Source: Ownwell