Terryville, Connecticut Property Taxes
The median property tax rate in Terryville, CT is 3.77%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Terryville at $137,340, the typical annual property tax bill reaches $5,178, exceeding the national median of $2,690. Property taxes in Terryville 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 Terryville'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 Terryville 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
Terryville, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.77%
Estimate Property Tax Bill
$5,178
Ownwell’s Terryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terryville 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 Terryville, Connecticut
Property taxes in Terryville, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terryville is 3.77%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Terryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terryville 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 Terryville's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06786 zip code has the highest median property tax rate of 3.77%, while the same zip code also has the lowest median tax rate of 3.77%. Understanding how these cities compare with Terryville 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 Terryville Tax Rate
3.77%
Average Litchfield County Tax Rate
2.91%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terryville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06786 | 3.77% | 3.77% | 3.77% | 3.77% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Terryville, Connecticut
In Terryville, 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 Terryville, 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 Terryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Terryville is $5,178 in zip code 06786, which is significantly higher than the national median property tax rate of 0.99%. Understanding these factors can help residents make informed decisions about their property taxes.
Average Terryville Assessed Value
$137,340
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 Terryville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06786 | $92,155 | $116,778 | $137,340 | $166,232 | $207,305 |
Source: Ownwell
Property Tax Bills Across Terryville, Connecticut
In Terryville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Property tax rates in Terryville are influenced by various factors, including local government budgets and the overall economic conditions of Litchfield County. Homeowners in Terryville experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $4,402, while the 75th percentile reaches $6,267. At the 90th percentile, homeowners might see a tax bill as high as $7,811. The highest median tax bill in the area is $5,178, which is significantly higher than the national median property tax rate of 0.99%. These property taxes can have a substantial impact on homeowners, affecting their monthly budgets and overall financial planning. Higher property taxes can also influence the real estate market, potentially affecting home values and the attractiveness of the area for potential buyers.
Average Terryville Tax Bill
$5,178
Average Litchfield County Tax Bill
$5,031
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Terryville, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06786 | $3,474 | $4,402 | $5,178 | $6,267 | $7,811 |
Source: Ownwell