Groton, Connecticut Property Taxes
The median property tax rate in Groton, CT is 2.58%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Groton at $165,900, the typical annual property tax bill reaches $4,350, exceeding the national median of $2,690. Property taxes in Groton 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 Groton'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 Groton 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
Groton, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$4,280
Ownwell’s Groton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groton 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 Groton, Connecticut
Property taxes in Groton, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Groton is 2.58%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Groton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groton 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 Groton's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06340 zip code has the highest median property tax rate of 2.58%, while the 06355 zip code has the lowest median tax rate of 2.47%. Understanding how these areas compare with Groton 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 Groton Tax Rate
2.58%
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 Groton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | 2.36% | 2.55% | 2.58% | 2.72% | 2.72% |
| 06355 | 2.38% | 2.42% | 2.47% | 2.53% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Groton, Connecticut
In Groton, 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 London 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 Groton, 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. For example, the zip code with the highest median tax bill is 06355 at $10,536, while the lowest is 06340 at $4,348. 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 Groton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Groton Assessed Value
$165,900
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 Groton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | $73,780 | $114,800 | $165,900 | $253,470 | $491,722 |
| 06355 | $323,603 | $364,438 | $432,495 | $500,552 | $541,387 |
Source: Ownwell
Property Tax Bills Across Groton, Connecticut
In Groton, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the total tax bill. Several factors influence the tax bill, including the property's location, size, and improvements. For instance, in New London County, the median home price is $165,900, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $3,063, while those in the 75th percentile face bills up to $6,438. The highest median tax bill recorded in Groton is $10,536 in the 06355 zip code, whereas the lowest is $4,348 in the 06340 zip code. These variations affect homeowners differently, with higher tax bills potentially impacting affordability and housing decisions. Compared to the national median property tax rate of 0.99%, homeowners in Groton experience a range of tax burdens, reflecting the diverse property values and local tax policies.
Average Groton Tax Bill
$4,350
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 Groton, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | $2,009 | $3,063 | $4,348 | $6,435 | $12,077 |
| 06355 | $8,225 | $9,092 | $10,536 | $11,980 | $12,847 |
Source: Ownwell