Middlebury, Connecticut Property Taxes
The median property tax rate in Middlebury, CT is 3.23%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Middlebury at $256,300, the typical annual property tax bill reaches $8,275, far exceeding the national median of $2,690. Property taxes in Middlebury are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Middlebury'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 Middlebury 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
Middlebury, Connecticut Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
3.14%
Estimate Property Tax Bill
$6,280
Ownwell’s Middlebury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middlebury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middlebury 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 Middlebury, Connecticut
Property taxes in Middlebury, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middlebury is 3.23%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Middlebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middlebury 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 Middlebury's effective property tax rate to other regions in Connecticut and the national median. For comparison, the zip code 06762 has the highest median property tax rate of 3.23%, while the same zip code also has the lowest median tax rate of 3.23%. Understanding how these cities compare with Middlebury 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 Middlebury Tax Rate
3.23%
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 Middlebury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06762 | 3.23% | 3.23% | 3.23% | 3.23% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Middlebury, Connecticut
In Middlebury, 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. In Middlebury, 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. For instance, the median home price in Middlebury is $256,300, with tax bills ranging from $6,391 at the 25th percentile to $10,720 at the 75th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Middlebury Assessed Value
$256,300
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 Middlebury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06762 | $165,380 | $198,000 | $256,300 | $332,300 | $413,160 |
Source: Ownwell
Property Tax Bills Across Middlebury, Connecticut
In Middlebury, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, or mill rate, is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $256,300, homeowners can expect varying tax bills depending on their property's assessed value and the applicable mill rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In New Haven County, where Middlebury is located, tax bills can range significantly. The 25th percentile tax bill is around $6,391, while the 75th percentile reaches up to $10,720, and the 90th percentile can go as high as $13,329. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Consequently, homeowners should be aware of how these taxes impact their overall housing costs and budget accordingly.
Average Middlebury Tax Bill
$8,275
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 Middlebury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06762 | $5,338 | $6,391 | $8,275 | $10,720 | $13,329 |
Source: Ownwell