Canaan, Litchfield County, Connecticut Property Taxes
The median property tax rate in Canaan, CT is 2.55%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Canaan, the typical annual property tax bill reaches $4,386, exceeding the national median of $2,690. Property taxes in Canaan 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 Canaan'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 Canaan 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
Canaan, Litchfield County, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$4,402
$4,085
Ownwell’s Canaan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canaan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canaan 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 Canaan, Litchfield County, Connecticut
Property taxes in Canaan, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canaan is 2.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Canaan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canaan 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 Canaan's effective property tax rate to other areas in Litchfield County and the national median. For comparison, the 06018 zip code has the highest median property tax rate of 2.55%, while the same zip code also has the lowest median tax rate of 2.55%. Understanding how these areas compare with Canaan 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 Canaan Tax Rate
2.55%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canaan, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | 2.55% | 2.55% | 2.55% | 2.55% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Canaan, Litchfield County, Connecticut
In Canaan, 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 Litchfield 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 Canaan, 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 Canaan is $172,620, with tax bills ranging from $3,689 at the 25th percentile to $7,020 at the 90th percentile. Notably, the highest and lowest median tax bill in the area is $4,386, both found in the 06018 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Canaan, Litchfield County, Connecticut
Source: Ownwell
$93,590
$292,898
$492,205
Average Canaan Assessed Value
$172,620
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 Canaan, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | $122,969 | $145,705 | $172,620 | $217,000 | $283,717 |
Source: Ownwell
Property Tax Bills Across Canaan, Litchfield County, Connecticut
In Canaan, located in Litchfield County, CT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local government determines the assessed value, and this figure is then multiplied by the town's mill rate to calculate the annual property tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For homeowners in Canaan, the financial impact can be significant. The median home price is $172,620, with tax bills ranging from $3,689 at the 25th percentile to $7,020 at the 90th percentile. The median property tax rate in this region is notably higher than the national median of 0.99%, making it essential for homeowners to understand their tax liabilities. High property taxes can affect household budgets and the overall cost of homeownership, emphasizing the importance of accurate property assessments and potential appeals to ensure fair taxation.
Average Canaan Tax Bill
$4,386
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Canaan, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06018 | $3,098 | $3,689 | $4,386 | $5,404 | $7,020 |
Source: Ownwell