Watertown, Connecticut Property Taxes
The median property tax rate in Watertown, CT is 3.23%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Watertown at $640,800, the typical annual property tax bill reaches $20,672, far exceeding the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, 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 Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Connecticut
Property taxes in Watertown, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 3.23%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06795 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 Watertown 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 Watertown 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 Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06795 | 3.23% | 3.23% | 3.23% | 3.23% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Connecticut
In Watertown, 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. In Watertown, 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 Watertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Watertown is $640,800, with the highest and lowest median tax bills both being $20,672 in the 06795 zip code. This is significantly higher than the national median property tax rate of 0.99%.
Average Watertown Assessed Value
$640,800
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 Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06795 | $640,800 | $640,800 | $640,800 | $640,800 | $640,800 |
Source: Ownwell
Property Tax Bills Across Watertown, Connecticut
In Watertown, Connecticut, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessment is a percentage of the property's market value, and this assessed value is then multiplied by the town's mill rate to calculate the annual tax bill. The mill rate represents the amount of tax payable per $1,000 of assessed value. Factors influencing the tax bill include the property's location, size, and improvements. In Watertown, the median home price is $640,800, and homeowners can expect a median property tax bill of $20,672. This is significantly higher than the national median property tax rate of 0.99%, reflecting the higher property values and tax rates in the area. For homeowners in Watertown, these property taxes can have a substantial impact on their annual expenses, making it crucial to understand how their tax bills are determined and to explore potential avenues for appeals or exemptions if they feel their property has been over-assessed.
Average Watertown Tax Bill
$20,672
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 Watertown, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06795 | $20,672 | $20,672 | $20,672 | $20,672 | $20,672 |
Source: Ownwell