Lebanon, Connecticut Property Taxes
The median property tax rate in Lebanon, 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 Lebanon, the typical annual property tax bill reaches $4,556, exceeding the national median of $2,690. Property taxes in Lebanon 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 Lebanon'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 Lebanon 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
Lebanon, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$4,557
$4,228
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, Connecticut
Property taxes in Lebanon, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 2.90%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other areas in Connecticut and the national median. For comparison, the 06249 zip code has the highest median property tax rate of 2.90%, while the 06249 zip code also has the lowest median tax rate of 2.90%. Understanding how these areas compare with Lebanon 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 Lebanon 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 Lebanon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06249 | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Connecticut
In Lebanon, 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 Lebanon, 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. Lebanon's median home price is $157,125, with tax bills ranging from $3,640 at the 25th percentile to $6,731 at the 90th percentile. The zip code 06249 holds both the highest and lowest median tax bills at $4,556. Being aware of these valuation processes in Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lebanon Assessed Value
$157,125
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 Lebanon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06249 | $96,215 | $125,580 | $157,125 | $193,842 | $232,112 |
Source: Ownwell
Property Tax Bills Across Lebanon, Connecticut
In Lebanon, located in New London County, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, also known as the mill rate, is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $157,125, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Several factors contribute to the final tax bill, including the property's location, size, and any improvements made. In Lebanon, the tax bill can range significantly, with the 25th percentile at $3,640 and the 75th percentile at $5,617. At the 90th percentile, it can reach up to $6,731. These figures highlight the variability in tax obligations, influenced by property values and local tax policies. For homeowners, understanding these dynamics is crucial, as property taxes represent a substantial annual expense. Comparing these figures to the national median property tax rate of 0.99% underscores the importance of local tax rates in shaping overall tax liabilities.
Average Lebanon Tax Bill
$4,556
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 Lebanon, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06249 | $2,790 | $3,640 | $4,556 | $5,617 | $6,731 |
Source: Ownwell