Griswold, Connecticut Property Taxes
The median property tax rate in Griswold, CT is 2.90%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Griswold, the typical annual property tax bill reaches $3,425, exceeding the national median of $2,690. Property taxes in Griswold 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 Griswold'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 Griswold 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
Griswold, 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 Griswold Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Griswold with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Griswold 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 Griswold, Connecticut
Property taxes in Griswold, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Griswold is 2.90%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Griswold set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griswold 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 Griswold's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06351 zip code has the highest median property tax rate of 2.90%, while the 06351 zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with Griswold provides valuable insights into the varying tax landscape across New London County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Griswold Tax Rate
2.90%
Average New London County Tax Rate
2.72%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Griswold, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06351 | 2.51% | 2.51% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Griswold, Connecticut
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Griswold, 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 authorities 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 Griswold, 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 Griswold helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Griswold is $121,380, with the 25th percentile tax bill at $2,962 and the 75th percentile at $4,232. The highest and lowest median tax bill both occur in the 06351 zip code, amounting to $3,425.
Average Griswold Assessed Value
$121,380
Average New London County Assessed Value
$177,100
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Griswold, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06351 | $93,807 | $104,965 | $121,380 | $147,858 | $179,123 |
Source: Ownwell
Property Tax Bills Across Griswold, Connecticut
In Griswold, New London County, CT, property tax bills are determined by a combination of the property's assessed value and the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local assessors. For homeowners in Griswold, the median home price stands at $121,380. The tax bill is calculated by applying the local tax rate to the assessed value of the property. Factors such as property improvements, neighborhood developments, and market fluctuations can influence the property's assessed value. In Griswold, property tax bills vary significantly; the 25th percentile tax bill is approximately $2,962, while the 75th percentile tax bill reaches around $4,232. For those at the higher end, the 90th percentile tax bill is about $4,984. Comparatively, the national median property tax rate is 0.99%, making Griswold's property taxes relatively competitive. Homeowners must budget for these taxes as they form a substantial part of homeownership costs, impacting overall affordability and financial planning.
Average Griswold Tax Bill
$3,425
Average New London County Tax Bill
$4,738
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Griswold, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06351 | $2,616 | $2,962 | $3,425 | $4,232 | $4,984 |
Source: Ownwell