New London, Connecticut Property Taxes
The median property tax rate in New London, CT is 3.72%, significantly higher than both the national median of 0.99% and Connecticut's state median of 3.14%. With the median home value in New London at $104,580, the typical annual property tax bill reaches $3,900, surpassing the national median of $2,690. Property taxes in New London are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New London'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 New London 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
New London, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.72%
Estimate Property Tax Bill
$3,890
Ownwell’s New London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New London 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 New London, Connecticut
Property taxes in New London, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New London is 3.72%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within New London set these rates annually, and they can vary significantly across different neighborhoods. Each year, New London 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 New London's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06320 zip code has the highest median property tax rate of 3.72%, while the 06320 zip code also has the lowest median tax rate of 3.72%. Understanding how these cities compare with New London provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New London Tax Rate
3.72%
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 New London, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06320 | 3.72% | 3.72% | 3.72% | 3.72% | 3.72% |
Source: Ownwell
Property Tax Assessment Values Across New London, Connecticut
In New London, 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 local 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 New London, 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 New London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the 06320 zip code is $3,900, which is consistent across the board.
Property Tax Assessment Values Across New London, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average New London Assessed Value
$104,580
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 New London, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06320 | $61,999 | $86,310 | $104,580 | $130,760 | $169,834 |
Source: Ownwell
Property Tax Bills Across New London, Connecticut
In New London, CT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners' tax bills are influenced by the local tax rate and the assessed value of their property. For instance, with a median home price of $104,580, the tax bill can vary significantly. The 25th percentile tax bill is around $3,222, while the 75th percentile tax bill reaches $4,872. At the 90th percentile, homeowners might see a tax bill as high as $6,363. These figures illustrate the range of property taxes that residents might expect, reflecting both the value of their property and the local tax rate. Compared to the national median property tax rate of 0.99%, New London’s property tax bills can be considerably higher, highlighting the importance of understanding local tax policies and assessments. This variation impacts homeowners by influencing their annual expenses and potentially affecting the affordability and desirability of owning property in the area.
Average New London Tax Bill
$3,900
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 New London, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06320 | $2,314 | $3,222 | $3,900 | $4,872 | $6,363 |
Source: Ownwell