Southbury, Connecticut Property Taxes
The median property tax rate in Southbury, CT is 2.25%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Southbury, the typical annual property tax bill reaches $5,528, exceeding the national median of $2,690. Property taxes in Southbury 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 Southbury'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 Southbury 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
Southbury, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$5,528
$5,129
Ownwell’s Southbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southbury 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 Southbury, Connecticut
Property taxes in Southbury, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southbury is 2.25%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Southbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southbury 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 Southbury's effective property tax rate to other regions in Connecticut and the national median. For comparison, the zip code 06488 has the highest median property tax rate of 2.25%, while the same zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Southbury 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 Southbury Tax Rate
2.25%
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 Southbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06488 | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Southbury, Connecticut
In Southbury, 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 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 Southbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Southbury is $5,528, with the highest and lowest tax bills both in the 06488 zip code.
Average Southbury Assessed Value
$245,670
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 Southbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06488 | $116,180 | $171,470 | $245,670 | $348,750 | $440,248 |
Source: Ownwell
Property Tax Bills Across Southbury, Connecticut
In Southbury, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, determined by local government authorities, is then applied to this assessed value to calculate the total tax bill. For example, in Southbury, the median home price stands at $245,670. The property tax bill can vary significantly, with the 25th percentile at $3,859 and the 75th percentile at $7,847. Homeowners in the 90th percentile face tax bills as high as $9,906. Factors influencing the tax bill include property size, location, and any exemptions or deductions for which the homeowner might qualify. This system ensures that properties with higher market values contribute more in taxes, impacting homeowners by reflecting their property's worth in their tax obligations. With the national median property tax rate at 0.99%, Southbury's rates provide a comparative framework for understanding local tax burdens and planning finances accordingly.
Average Southbury Tax Bill
$5,528
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 Southbury, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06488 | $2,614 | $3,859 | $5,528 | $7,847 | $9,906 |
Source: Ownwell