New Milford, Connecticut Property Taxes
The median property tax rate in New Milford, CT is 2.90%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in New Milford, the typical annual property tax bill reaches $5,501, exceeding the national median of $2,690. Property taxes in New Milford 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 New Milford'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 New Milford 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
New Milford, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$5,505
Ownwell’s New Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Milford 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 New Milford, Connecticut
Property taxes in New Milford, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Milford is 2.90%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Milford 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 New Milford's effective property tax rate to other areas and the national median. For comparison, the zip code 06776 has the highest median property tax rate of 2.90%, while the same zip code also has the lowest median tax rate of 2.90%. Understanding how these figures compare with New Milford 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 New Milford Tax Rate
2.90%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06776 | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across New Milford, Connecticut
In New Milford, 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 New Milford, 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 New Milford is $189,835, with tax bills ranging from $4,309 at the 25th percentile to $9,326 at the 90th percentile. The highest and lowest median tax bills are both found in the 06776 zip code, valued at $5,501. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Milford, Connecticut
Source: Ownwell
$66,800
$516,050
$965,300
Average New Milford Assessed Value
$189,835
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 New Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06776 | $88,060 | $148,748 | $189,835 | $245,292 | $322,416 |
Source: Ownwell
Property Tax Bills Across New Milford, Connecticut
In New Milford, 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 median home price in New Milford stands at $189,835. Local tax authorities determine the assessed value and apply the local property tax rate to this value to calculate the tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in New Milford can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $4,309, while the 75th percentile tax bill reaches $7,109. At the 90th percentile, tax bills can be as high as $9,326. The zip code 06776 has both the highest and lowest median tax bills at $5,501. These property taxes can significantly impact homeowners, influencing their overall cost of living and potentially affecting property values in the region.
Average New Milford Tax Bill
$5,501
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across New Milford, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06776 | $2,552 | $4,309 | $5,501 | $7,109 | $9,326 |
Source: Ownwell