Colebrook, Connecticut Property Taxes
The median property tax rate in Colebrook, CT is 3.32%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Colebrook, the typical annual property tax bill reaches $5,468, exceeding the national median of $2,690. Property taxes in Colebrook 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 Colebrook'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 Colebrook 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
Colebrook, Connecticut Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$6,280
Ownwell’s Colebrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colebrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colebrook 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 Colebrook, Connecticut
Property taxes in Colebrook, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colebrook is 2.15%, higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Colebrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colebrook 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 Colebrook's effective property tax rate to other counties in Connecticut and the national median. For comparison, 06021 has the highest median property tax rate of 2.15%, while 06021 also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Colebrook 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 Colebrook Tax Rate
3.32%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colebrook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06021 | 3.32% | 3.32% | 3.32% | 3.32% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Colebrook, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colebrook, 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 local 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 Colebrook, 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. For example, the median home price is $164,700, with tax bills ranging from $4,105 at the 25th percentile to $7,434 at the 75th percentile. The highest median tax bill in the region is $5,468 in the 06021 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Colebrook Assessed Value
$164,700
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 Colebrook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06021 | $91,152 | $124,100 | $164,700 | $223,900 | $307,400 |
Source: Ownwell
Property Tax Bills Across Colebrook, Connecticut
In Colebrook, 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. For instance, with a median home price of $164,700, the assessed value is determined by local tax authorities. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Colebrook can expect their tax bills to vary significantly, with the 25th percentile at $4,105, the 75th percentile at $7,434, and the 90th percentile reaching up to $10,206. The highest and lowest median tax bills in the area are both $5,468, indicating a consistent rate across different properties. The property tax rate in Colebrook is considerably higher than the national median rate of 0.99%, impacting homeowners by contributing to the overall cost of homeownership. Understanding these factors can help residents manage their financial planning more effectively.
Average Colebrook Tax Bill
$5,468
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Colebrook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06021 | $3,027 | $4,105 | $5,468 | $7,434 | $10,206 |
Source: Ownwell