Derby, Connecticut Property Taxes
The median property tax rate in Derby, CT is 3.86%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Derby at $134,960, the typical annual property tax bill reaches $5,209, exceeding the national median of $2,690. Property taxes in Derby 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 Derby'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 Derby 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
Derby, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.86%
Estimate Property Tax Bill
$5,209
$4,834
Ownwell’s Derby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derby 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 Derby, Connecticut
Property taxes in Derby, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby is 3.86%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Derby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby 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 Derby's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06418 has the highest median property tax rate of 3.86%, while the same zip code also has the lowest median tax rate of 3.86%. Understanding how these cities compare with Derby 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 Derby Tax Rate
3.86%
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 Derby, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06418 | 3.86% | 3.86% | 3.86% | 3.86% | 3.86% |
Source: Ownwell
Property Tax Assessment Values Across Derby, Connecticut
In Derby, 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 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 Derby 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 Derby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Derby is $134,960, with the highest median tax bill being $5,209 in zip code 06418.
Average Derby Assessed Value
$134,960
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 Derby, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06418 | $93,170 | $110,460 | $134,960 | $167,948 | $213,157 |
Source: Ownwell
Property Tax Bills Across Derby, Connecticut
In Derby, located in New Haven County, CT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local mill rate, which is determined annually by the city to meet budgetary needs. Several factors influence the tax bill, including the home's location, size, and condition. For homeowners in Derby, the median home price stands at $134,960, and property tax bills can vary significantly. The 25th percentile tax bill is $4,264, while the 75th percentile tax bill reaches $6,483. At the 90th percentile, homeowners can expect to pay around $8,228. Comparatively, Derby's median tax bill is $5,209, which is considerably higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Derby residents. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Derby Tax Bill
$5,209
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 Derby, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06418 | $3,596 | $4,264 | $5,209 | $6,483 | $8,228 |
Source: Ownwell