Mystic, Connecticut Property Taxes
The median property tax rate in Mystic, CT is 2.43%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Mystic, the typical annual property tax bill reaches $6,212, exceeding the national median of $2,690. Property taxes in Mystic 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 Mystic'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 Mystic 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
Mystic, 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 Mystic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mystic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mystic 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 Mystic, Connecticut
Property taxes in Mystic, Connecticut, are essential for funding crucial local services, such as public schools, road maintenance, and emergency services. The median tax rate in Mystic is 2.43%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Mystic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mystic 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 Mystic's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06355 has both the highest and lowest median property tax rate of 2.43%. Understanding how these rates compare with Mystic 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 Mystic Tax Rate
2.43%
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 Mystic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06355 | 1.91% | 1.98% | 2.43% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Mystic, Connecticut
In Mystic, 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 Mystic, 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 Mystic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mystic both stand at $6,212, with the zip code 06355 reflecting this value.
Average Mystic Assessed Value
$272,895
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 Mystic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06355 | $147,889 | $194,950 | $272,895 | $365,568 | $515,431 |
Source: Ownwell
Property Tax Bills Across Mystic, Connecticut
In Mystic, located in New London County, CT, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate, or mill rate, is then applied to this assessed value to calculate the annual property tax bill. For example, the median home price in Mystic is $272,895. Homeowners can expect their tax bills to vary significantly; the 25th percentile tax bill is around $4,590, while the 75th percentile reaches $8,124, and the 90th percentile can be as high as $11,300. These tax bills are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Mystic's property taxes can be considerably higher, impacting homeowners by increasing their annual expenses. High property taxes can affect affordability and the overall cost of living, making it crucial for homeowners to understand how their tax bills are determined.
Average Mystic Tax Bill
$6,212
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 Mystic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06355 | $3,582 | $4,590 | $6,212 | $8,124 | $11,300 |
Source: Ownwell