Colchester, Connecticut Property Taxes
The median property tax rate in Colchester, CT is 2.57%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Colchester at $215,730, the typical annual property tax bill reaches $5,555, exceeding the national median of $2,690. Property taxes in Colchester 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 Colchester'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 Colchester or another part of the town, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colchester, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$5,544
$5,145
Ownwell’s Colchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colchester 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 Colchester, Connecticut
Property taxes in Colchester, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colchester is 2.57%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Colchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colchester 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 Colchester's effective property tax rate to other counties in Connecticut and the national median. For comparison, the highest and lowest median property tax rates in Colchester are both 2.57%, highlighting a uniform tax rate across the area. Understanding how Colchester compares with other regions in Middlesex County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colchester Tax Rate
2.57%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | 2.57% | 2.57% | 2.57% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Colchester, Connecticut
In Colchester, 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 county 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 Colchester, 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 Colchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Colchester is 06415, with a median tax bill of $5,555.
Property Tax Assessment Values Across Colchester, Connecticut
Source: Ownwell
$152,250
$270,445
$388,640
Average Colchester Assessed Value
$215,730
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 Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | $146,030 | $174,050 | $215,730 | $268,620 | $323,616 |
Source: Ownwell
Property Tax Bills Across Colchester, Connecticut
In Colchester, Middlesex County, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The town’s mill rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $215,730, homeowners can expect their tax bill to vary widely. Factors such as property location, home improvements, and local budget needs influence the assessed value and, consequently, the tax bill. Homeowners in Colchester experience tax bills ranging from $4,482 at the 25th percentile to $6,917 at the 75th percentile, with the 90th percentile reaching $8,333. This variability can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Given these figures, understanding how local assessments and mill rates work is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Colchester Tax Bill
$5,555
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Colchester, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06415 | $3,760 | $4,482 | $5,555 | $6,917 | $8,333 |
Source: Ownwell