Wolcott, Connecticut Property Taxes
The median property tax rate in Wolcott, CT is 3.19%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Wolcott at $173,280, the typical annual property tax bill reaches $5,522, exceeding the national median of $2,690. Property taxes in Wolcott 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 Wolcott'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 Wolcott 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
Wolcott, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.19%
Estimate Property Tax Bill
$5,528
Ownwell’s Wolcott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolcott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolcott 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 Wolcott, Connecticut
Property taxes in Wolcott, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolcott is 3.19%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Wolcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolcott 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 Wolcott's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06716 zip code has the highest median property tax rate of 3.19%, while the 06705 zip code has the lowest median tax rate of 3.19%. Understanding how these cities compare with Wolcott 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 Wolcott Tax Rate
3.19%
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 Wolcott, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06705 | 3.19% | 3.19% | 3.19% | 3.19% | 3.19% |
| 06716 | 3.19% | 3.19% | 3.19% | 3.19% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Wolcott, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wolcott, Connecticut. The market value represents 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 local 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 Wolcott, 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 Wolcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Wolcott's highest median tax bill is $5,532 in the 06716 zip code, while the lowest is $4,778 in the 06705 zip code.
Average Wolcott Assessed Value
$173,280
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 Wolcott, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06705 | $123,284 | $138,875 | $149,440 | $162,132 | $180,141 |
| 06716 | $127,090 | $147,852 | $173,570 | $221,660 | $275,367 |
Source: Ownwell
Property Tax Bills Across Wolcott, Connecticut
In Wolcott, 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. Factors such as the home's location, size, and condition influence its assessed value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, Wolcott homeowners with properties in the 25th percentile face tax bills around $4,706, while those in the 75th percentile pay approximately $7,044. The tax burden can be even higher for those in the 90th percentile, with bills reaching up to $8,766. The highest median tax bill in the area is $5,532, found in the 06716 zip code, whereas the lowest is $4,778 in the 06705 zip code. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Wolcott's rates highlight the importance of understanding local tax obligations.
Average Wolcott Tax Bill
$5,522
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 Wolcott, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06705 | $4,090 | $4,494 | $4,778 | $5,172 | $5,741 |
| 06716 | $4,050 | $4,712 | $5,532 | $7,064 | $8,776 |
Source: Ownwell