Litchfield, Connecticut Property Taxes
The median property tax rate in Litchfield, 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 Litchfield, the typical annual property tax bill reaches $5,552, exceeding the national median of $2,690. Property taxes in Litchfield 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 Litchfield'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 Litchfield 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
Litchfield, 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 Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, Connecticut
Property taxes in Litchfield, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 2.67%, significantly higher than the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Litchfield 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. Understanding how Litchfield's effective property tax rate compares to other areas 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 Litchfield 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 Litchfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06759 | 2.67% | 2.67% | 2.67% | 2.67% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, Connecticut
In Litchfield, 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 Litchfield, 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. The zip code with the highest median tax bill is 06759 at $5,552, while the lowest median tax bill is also in 06759 at $5,552. Being aware of these valuation processes in Litchfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Litchfield Assessed Value
$205,430
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 Litchfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06759 | $125,498 | $155,500 | $205,430 | $299,120 | $463,902 |
Source: Ownwell
Property Tax Bills Across Litchfield, Connecticut
In Litchfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. The property tax rate, or mill rate, is then applied to the assessed value to determine the annual tax bill. For example, homeowners in Litchfield with a median home price of $205,430 can expect varying tax bills depending on their assessed property value and the applicable mill rate. Several factors influence the tax bill, including the property’s location within Litchfield County and its specific characteristics, such as size and condition. The tax bill can range significantly, with the 25th percentile at $4,218 and the 75th percentile at $8,001. In some cases, it can reach as high as $12,122 for the 90th percentile. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting homeowners and their community.
Average Litchfield Tax Bill
$5,552
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06759 | $3,389 | $4,218 | $5,552 | $8,001 | $12,122 |
Source: Ownwell