Bethany, Connecticut Property Taxes
The median property tax rate in Bethany, CT is 3.78%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Bethany at $212,685, the typical annual property tax bill reaches $8,031, significantly exceeding the national median of $2,690. Property taxes in Bethany 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 Bethany'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 Bethany or another part of New Haven County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bethany, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.78%
Estimate Property Tax Bill
$8,039
$7,460
Ownwell’s Bethany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethany 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 Bethany, Connecticut
Property taxes in Bethany, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethany is 3.78%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bethany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethany 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 Bethany's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06524 has the highest median property tax rate of 3.78%, while the lowest median tax rate is also 3.78%. Understanding how these cities compare with Bethany 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 Bethany Tax Rate
3.78%
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 Bethany, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06524 | 3.78% | 3.78% | 3.78% | 3.78% | 3.78% |
Source: Ownwell
Property Tax Assessment Values Across Bethany, Connecticut
In Bethany, 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 assessor 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 Bethany, 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 Bethany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bethany is $212,685, with tax bills ranging from $6,704 at the 25th percentile to $12,961 at the 90th percentile. The highest and lowest median tax bills are both $8,031, found in the 06524 zip code.
Average Bethany Assessed Value
$212,685
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 Bethany, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06524 | $148,549 | $177,455 | $212,685 | $272,558 | $341,484 |
Source: Ownwell
Property Tax Bills Across Bethany, Connecticut
In Bethany, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Bethany is $212,685. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the median tax bill in Bethany is quite substantial, with homeowners in the 25th percentile paying around $6,704 annually, while those in the 75th percentile face bills closer to $10,306. The top 10% of homeowners encounter even higher taxes, with bills reaching up to $12,961. Several factors influence these tax bills, including the property's location, size, and condition. For Bethany homeowners, these taxes can significantly impact their annual budget. Compared to the national median property tax rate of 0.99%, Bethany's property tax rates are higher, reflecting the region's specific economic and governmental needs. This makes understanding and potentially appealing property tax assessments crucial for homeowners looking to manage their expenses effectively.
Average Bethany Tax Bill
$8,031
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 Bethany, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06524 | $5,612 | $6,704 | $8,031 | $10,306 | $12,961 |
Source: Ownwell