Higganum, Connecticut Property Taxes
The median property tax rate in Higganum, CT is 3.39%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Higganum at $195,170, the typical annual property tax bill reaches $6,610, significantly exceeding the national median of $2,690. Property taxes in Higganum 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 Higganum'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 Higganum or another part of Middlesex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Higganum, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.39%
Estimate Property Tax Bill
$6,616
$6,140
Ownwell’s Higganum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Higganum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Higganum 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 Higganum, Connecticut
Property taxes in Higganum, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Higganum is 3.39%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Higganum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Higganum 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 Higganum's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06441 zip code has the highest median property tax rate of 3.39%, while the 06441 zip code has the lowest median tax rate of 3.39%. Understanding how these cities compare with Higganum 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 Higganum Tax Rate
3.39%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Higganum, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06441 | 3.39% | 3.39% | 3.39% | 3.39% | 3.39% |
Source: Ownwell
Property Tax Assessment Values Across Higganum, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Higganum, Connecticut. 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. Assessment notices in Higganum 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 Higganum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Higganum are both $6,610, found in the zip code 06441.
Average Higganum Assessed Value
$195,170
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 Higganum, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06441 | $124,983 | $153,705 | $195,170 | $251,462 | $294,780 |
Source: Ownwell
Property Tax Bills Across Higganum, Connecticut
Property tax bills in Higganum, Connecticut, are determined by several key factors. The primary component is the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Higganum, the median home price is $195,170. The tax bill can vary significantly depending on the property's assessed value and the applicable tax rate. For instance, homeowners in the 25th percentile can expect to pay around $5,206 annually, while those in the 75th percentile might see bills as high as $8,509. The 90th percentile tax bill can reach up to $9,972. These figures highlight the range of property tax obligations in the area, which can impact household budgets significantly. Compared to the national median property tax rate of 0.99%, Higganum's tax rates can be notably higher, reflecting the local government's funding requirements and the community's public service needs.
Average Higganum Tax Bill
$6,610
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Higganum, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06441 | $4,233 | $5,206 | $6,610 | $8,509 | $9,972 |
Source: Ownwell