Noank, Connecticut Property Taxes
The median property tax rate in Noank, CT is 2.36%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Noank at $461,650, the typical annual property tax bill reaches $10,900, far exceeding the national median of $2,690. Property taxes in Noank 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 Noank'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 Noank 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
Noank, 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 Noank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Noank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Noank 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 Noank, Connecticut
Property taxes in Noank, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Noank is 1.75%, higher than both the Connecticut state median of 1.63% and the U.S. national median of 0.99%. Local government entities within Noank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Noank 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 Noank's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06340 zip code has the highest median property tax rate of 1.75%, while the 06340 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Noank 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 Noank Tax Rate
2.36%
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 Noank, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | 2.36% | 2.36% | 2.36% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Noank, Connecticut
In Noank, 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 Noank, 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, the highest median tax bill in the area is $10,900 in the 06340 zip code, while the lowest is also $10,900 in the same zip code. 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 Noank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Noank Assessed Value
$461,650
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 Noank, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | $361,221 | $420,805 | $461,650 | $497,595 | $539,021 |
Source: Ownwell
Property Tax Bills Across Noank, Connecticut
In Noank, New London County, CT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value typically represents a percentage of the market value of the property. For example, with a median home price of $461,650, the assessed value is determined by local assessment practices. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Noank, homeowners can expect a median tax bill around $10,900, with the 25th percentile at $9,936 and the 75th percentile reaching $11,748. This can be a significant financial consideration for homeowners, particularly when compared to the national median property tax rate of 0.99%. High property taxes can impact affordability and influence decisions on purchasing or maintaining a home in the area.
Average Noank Tax Bill
$10,900
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 Noank, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06340 | $8,529 | $9,936 | $10,900 | $11,748 | $12,726 |
Source: Ownwell