Old Saybrook, Middlesex County, Connecticut Property Taxes
The median property tax rate in Old Saybrook, CT is 2.04%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With a median home value of $249,600 in Old Saybrook, the typical annual property tax bill reaches $5,104, significantly exceeding the national median of $2,690. Property taxes in Old Saybrook 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 Old Saybrook'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 Old Saybrook 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
Old Saybrook, Middlesex County, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$5,092
$4,725
Ownwell’s Old Saybrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Saybrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Saybrook 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 Old Saybrook, Middlesex County, Connecticut
Property taxes in Old Saybrook, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Saybrook is 1.73%, higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Old Saybrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Saybrook 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 Old Saybrook's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06475 zip code has the highest median property tax rate of 1.73%, while the 06475 zip code has the lowest median tax rate of 1.73%. Understanding how these cities compare with Old Saybrook provides valuable insights into the varying tax landscape across Middlesex, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Saybrook Tax Rate
2.04%
Average Middlesex County Tax Rate
2.98%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Saybrook, Middlesex County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06475 | 2.04% | 2.04% | 2.04% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Old Saybrook, Middlesex County, Connecticut
In Old Saybrook, 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 Old Saybrook, 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 Old Saybrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Old Saybrook is $249,600, with the highest and lowest median tax bills both at $5,104 in zip code 06475.
Property Tax Assessment Values Across Old Saybrook, Middlesex County, Connecticut
Source: Ownwell
$168,345
$257,873
$347,400
Average Old Saybrook Assessed Value
$249,600
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 Old Saybrook, Middlesex County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06475 | $158,100 | $196,000 | $249,600 | $324,000 | $488,400 |
Source: Ownwell
Property Tax Bills Across Old Saybrook, Middlesex County, Connecticut
In Old Saybrook, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the town's assessor and is typically a percentage of the property's market value. Homeowners in Old Saybrook, part of Middlesex County, experience property tax rates that can significantly impact their annual expenses. The median home price in Old Saybrook is $249,600, and the property tax rate is higher than the national median of 0.99%. For example, the tax bill at the 25th percentile is $4,008, while at the 75th percentile, it rises to $6,626. At the 90th percentile, homeowners might pay as much as $9,988 annually. These figures highlight the range of property tax burdens that homeowners can face, depending on their property's assessed value. The highest and lowest median tax bills in the area are both $5,104, indicating a relatively consistent tax rate across different properties. Understanding these factors is crucial for homeowners as they navigate their financial planning and property investments.
Property Tax Bills Across Old Saybrook, Middlesex County, Connecticut
Source: Ownwell
$4,353
$8,440
$12,527
Average Old Saybrook Tax Bill
$5,104
Average Middlesex County Tax Bill
$5,804
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Saybrook, Middlesex County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06475 | $3,235 | $4,008 | $5,104 | $6,626 | $9,988 |
Source: Ownwell