Cobalt, Connecticut Property Taxes
The median property tax rate in Cobalt, CT is 3.61%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Cobalt, the typical annual property tax bill reaches $6,118, significantly surpassing the national median of $2,690. Property taxes in Cobalt 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 Cobalt'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 Cobalt 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
Cobalt, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.61%
Estimate Property Tax Bill
$6,124
$5,683
Ownwell’s Cobalt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cobalt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cobalt 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 Middlesex County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cobalt, Connecticut
Property taxes in Cobalt, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cobalt is 3.61%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Cobalt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cobalt 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 Cobalt's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06414 zip code has both the highest and the lowest median property tax rate of 3.61%. Understanding how these areas compare with Cobalt provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cobalt Tax Rate
3.61%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cobalt, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06414 | 3.61% | 3.61% | 3.61% | 3.61% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Cobalt, Connecticut
In Cobalt, 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 Middlesex 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 Cobalt, 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 Cobalt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $6118, found in the 06414 zip code.
Average Cobalt Assessed Value
$169,650
Average Middlesex County Assessed Value
$200,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cobalt, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06414 | $123,950 | $144,720 | $169,650 | $197,650 | $228,830 |
Source: Ownwell
Property Tax Bills Across Cobalt, Connecticut
In Cobalt, located in Middlesex 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. Factors such as the property's location, size, and any improvements or renovations can influence its assessed value. For homeowners in Cobalt, property tax bills can vary significantly. The 25th percentile tax bill is approximately $5,219, while the 75th percentile reaches around $7,127, and the 90th percentile can be as high as $8,252. The median home price in Cobalt is $169,650, and the median tax bill in the area is notably higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual expenses, making it crucial for them to understand how their tax bill is determined and to explore any potential exemptions or appeals to manage costs effectively.
Average Cobalt Tax Bill
$6,118
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Cobalt, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06414 | $4,470 | $5,219 | $6,118 | $7,127 | $8,252 |
Source: Ownwell