Lakeside, Litchfield County, Connecticut Property Taxes
The median property tax rate in Lakeside, Connecticut is 1.83%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With a median home value of $249,795 in Lakeside, the typical annual property tax bill reaches $4,572, exceeding the national median of $2,690. Property taxes in Lakeside 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 Lakeside'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 Lakeside 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
Lakeside, Litchfield County, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$4,571
$4,242
Ownwell’s Lakeside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeside 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 Lakeside, Litchfield County, Connecticut
Property taxes in Lakeside, Connecticut, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeside is 1.83%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Lakeside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeside 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 Lakeside's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06758 has both the highest and the lowest median property tax rate of 1.83%. Understanding how these areas compare with Lakeside 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 Lakeside Tax Rate
1.83%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeside, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06758 | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Lakeside, Litchfield County, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lakeside, Connecticut. The market value represents 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 Lakeside, 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 Lakeside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill in Lakeside is 06758, with a median tax bill of $4,572.
Property Tax Assessment Values Across Lakeside, Litchfield County, Connecticut
Source: Ownwell
$93,590
$292,898
$492,205
Average Lakeside Assessed Value
$249,795
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 Lakeside, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06758 | $178,729 | $207,910 | $249,795 | $303,240 | $414,906 |
Source: Ownwell
Property Tax Bills Across Lakeside, Litchfield County, Connecticut
In Lakeside, 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 tax rate, known as the mill rate, is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $249,795, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence these tax bills, including property location, home improvements, and local government budgets. In Lakeside, the 25th percentile tax bill is $3,804, while the 75th percentile reaches $5,550, and the 90th percentile climbs to $7,593. This range highlights how different factors can significantly impact what homeowners pay. Compared to the national median property tax rate of 0.99%, Lakeside's tax bills are notably higher, reflecting both the area's property values and local tax policies. These taxes fund essential public services, impacting homeowners directly through their financial responsibilities and indirectly through community benefits.
Average Lakeside Tax Bill
$4,572
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeside, Litchfield County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06758 | $3,271 | $3,804 | $4,572 | $5,550 | $7,593 |
Source: Ownwell