Niantic, Connecticut Property Taxes
The median property tax rate in Niantic, CT is 2.49%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Niantic, the typical annual property tax bill reaches $5,359, exceeding the national median of $2,690. Property taxes in Niantic 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 Niantic'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 Niantic 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
Niantic, 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 Niantic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niantic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niantic 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 Niantic, Connecticut
Property taxes in Niantic, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niantic is 2.49%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Niantic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niantic 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 Niantic's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06357 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Niantic 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 Niantic Tax Rate
2.49%
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 Niantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06357 | 2.49% | 2.49% | 2.49% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Niantic, Connecticut
In Niantic, 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 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 Niantic, 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. Niantic's median home price is $215,390, with tax bills ranging from $4,480 at the 25th percentile to $10,187 at the 90th percentile. The highest and lowest median tax bills in the area are both $5,359 in the 06357 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Niantic Assessed Value
$215,390
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 Niantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06357 | $145,530 | $180,075 | $215,390 | $277,620 | $409,458 |
Source: Ownwell
Property Tax Bills Across Niantic, Connecticut
In Niantic, located in New London County, CT, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value typically represents 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 homeowners in Niantic, the median home price is $215,390, with property tax bills ranging from $4,480 at the 25th percentile to $10,187 at the 90th percentile. Several factors influence the tax bill, including the property's location, size, and any improvements made. Additionally, local government budgets and public service funding needs play a role in setting the mill rate. Compared to the national median property tax rate of 0.99%, Niantic's property tax rates result in higher tax bills for many homeowners. This can significantly impact their annual financial planning, making it crucial for residents to stay informed about local property tax policies and potential exemptions.
Average Niantic Tax Bill
$5,359
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 Niantic, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06357 | $3,621 | $4,480 | $5,359 | $6,907 | $10,187 |
Source: Ownwell