Hanover, Connecticut Property Taxes
The median property tax rate in Hanover, CT is 2.85%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Hanover, the typical annual property tax bill reaches $5,740, exceeding the national median of $2,690. Property taxes in Hanover 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 Hanover'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 Hanover 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
Hanover, 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 Hanover Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hanover with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Hanover to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities, offering peace of mind and financial clarity. For those interested in more localized insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Hanover, Connecticut
Property taxes in Hanover, Connecticut, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover is 2.85%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Hanover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hanover 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 Hanover's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06350 zip code has the highest median property tax rate of 2.85%, while the same zip code also has the lowest median tax rate of 2.85%. Understanding how these cities compare with Hanover 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 Hanover Tax Rate
2.85%
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 Hanover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06350 | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, Connecticut
In Hanover, 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 Hanover, 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 instance, Hanover's median home price is $201,400, with property tax bills ranging significantly. The 25th percentile tax bill is $4,493, while the 75th percentile reaches up to $9,871. The highest median tax bill, found in zip code 06350, is $5,740. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hanover Assessed Value
$201,400
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 Hanover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06350 | $132,594 | $157,650 | $201,400 | $346,360 | $401,320 |
Source: Ownwell
Property Tax Bills Across Hanover, Connecticut
In Hanover, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to produce the annual tax bill. Several factors influence this assessment, including the property's market value, location, and any improvements or modifications made to the home. For homeowners in Hanover, the median home price is $201,400. Property tax bills can vary significantly, with the 25th percentile paying around $4,493, while those in the 75th percentile face bills up to $9,871. At the 90th percentile, homeowners might see tax bills as high as $11,438. The highest and lowest median tax bills in the area are both $5,740, found in the 06350 zip code. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community. Comparatively, Hanover's tax rates are higher than the national median property tax rate of 0.99%, reflecting the region's specific needs and values.
Average Hanover Tax Bill
$5,740
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 Hanover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06350 | $3,779 | $4,493 | $5,740 | $9,871 | $11,438 |
Source: Ownwell