Beacon Falls, Connecticut Property Taxes
The median property tax rate in Beacon Falls, CT is 2.95%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Beacon Falls, the typical annual property tax bill reaches $5,368, exceeding the national median of $2,690. Property taxes in Beacon Falls 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 Beacon Falls'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 Beacon Falls 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
Beacon Falls, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.95%
Estimate Property Tax Bill
$5,360
$4,974
Ownwell’s Beacon Falls Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Beacon Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beacon Falls 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 Beacon Falls, Connecticut
Property taxes in Beacon Falls, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beacon Falls is 2.95%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Beacon Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beacon Falls 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 Beacon Falls' effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06403 has the highest median property tax rate of 2.95%, while the same zip code 06403 also has the lowest median tax rate of 2.95%. Understanding how these areas compare with Beacon Falls provides valuable insights into the varying tax landscape across New Haven County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beacon Falls Tax Rate
2.95%
Average New Haven County Tax Rate
3.48%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beacon Falls, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06403 | 2.95% | 2.95% | 2.95% | 2.95% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Beacon Falls, Connecticut
In Beacon Falls, 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 New Haven County Assessor's Office 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 Beacon Falls 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. The median home price in Beacon Falls is $181,685, with tax bills ranging from $3,800 at the 25th percentile to $9,146 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 06403, with a median tax bill of $5,368. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Beacon Falls, Connecticut
Source: Ownwell
$98,700
$369,750
$640,800
Average Beacon Falls Assessed Value
$181,685
Average New Haven County Assessed Value
$174,720
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beacon Falls, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06403 | $98,688 | $128,412 | $181,685 | $241,562 | $309,553 |
Source: Ownwell
Property Tax Bills Across Beacon Falls, Connecticut
In Beacon Falls, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For homeowners, various factors such as property size, location, and improvements can influence the assessed value. Once the assessed value is established, the local tax rate, known as the mill rate, is applied. In New Haven County, where Beacon Falls is located, the median home price is $181,685. Homeowners in the 25th percentile can expect a tax bill around $3,800, while those in the 75th percentile might see bills approximately $7,136. At the 90th percentile, tax bills can reach up to $9,146. Comparatively, the median property tax rate in Beacon Falls is higher than the national median of 0.99%, impacting homeowners by requiring a larger portion of their budget for property taxes. This can affect financial planning and the overall affordability of owning a home in the area.
Average Beacon Falls Tax Bill
$5,368
Average New Haven County Tax Bill
$6,350
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Beacon Falls, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06403 | $2,922 | $3,800 | $5,368 | $7,136 | $9,146 |
Source: Ownwell