Deep River, Connecticut Property Taxes
The median property tax rate in Deep River, CT is 2.99%, significantly higher than both the national median of 0.99% and Connecticut's state median of 3.14%. With the median home value in Deep River at $179,690, the typical annual property tax bill reaches $5,369, far exceeding the national median of $2,690. Property taxes in Deep River are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Deep River'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 Deep River 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
Deep River, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$5,373
$4,986
Ownwell’s DEEP RIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DEEP RIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DEEP RIVER 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 Deep River, Connecticut
Property taxes in Deep River, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deep River is 2.99%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Deep River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep River 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 Deep River's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06417 has the highest median property tax rate of 2.99%, while the same zip code also has the lowest median tax rate of 2.99%. Understanding how these cities compare with Deep River 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 Deep River Tax Rate
2.99%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep River, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06417 | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Deep River, Connecticut
In Deep River, 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 Deep River, 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 Deep River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Deep River both stand at $5,369, indicating a uniformity in tax burdens across different areas within the 06417 zip code.
Property Tax Assessment Values Across Deep River, Connecticut
Source: Ownwell
$152,250
$270,445
$388,640
Average Deep River Assessed Value
$179,690
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 Deep River, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06417 | $104,370 | $147,542 | $179,690 | $235,620 | $308,665 |
Source: Ownwell
Property Tax Bills Across Deep River, Connecticut
In Deep River, Middlesex County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Deep River, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $4,408, while the 75th percentile tax bill reaches $7,040. At the 90th percentile, the tax bill can be as high as $9,223. These figures highlight the range of property taxes that residents might expect to pay, depending on the value of their homes and the specific tax rate applied. Comparatively, the median tax bill in Deep River is $5,369, which is considerably higher than the national median property tax rate of 0.99%. This means that homeowners in Deep River generally face higher property tax bills than the national average, impacting their overall cost of living.
Average Deep River Tax Bill
$5,369
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep River, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06417 | $3,119 | $4,408 | $5,369 | $7,040 | $9,223 |
Source: Ownwell