North Franklin, Connecticut Property Taxes
The median property tax rate in North Franklin, CT is 2.30%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in North Franklin, the typical annual property tax bill reaches $3,653, exceeding the national median of $2,690. Property taxes in North Franklin 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 North Franklin'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 North Franklin 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
North Franklin, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$3,658
Ownwell’s North Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Franklin 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 North Franklin, Connecticut
Property taxes in North Franklin, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Franklin is 2.30%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within North Franklin set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Franklin 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 North Franklin's effective property tax rate to other regions in Connecticut and the national median. For comparison, the 06254 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these figures compare with North Franklin 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 North Franklin Tax Rate
2.30%
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 North Franklin, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06254 | 2.30% | 2.30% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across North Franklin, Connecticut
In North Franklin, 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 North Franklin, 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. The median home price in North Franklin is $159,035, with tax bills ranging from $3,021 at the 25th percentile to $5,660 at the 90th percentile. The zip code 06254 has the highest and lowest median tax bill of $3,653. Being aware of these valuation processes in North Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Franklin, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average North Franklin Assessed Value
$159,035
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 North Franklin, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06254 | $112,885 | $131,492 | $159,035 | $197,560 | $245,694 |
Source: Ownwell
Property Tax Bills Across North Franklin, Connecticut
In North Franklin, New London County, CT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The city's property tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $159,035, the tax bill can vary significantly depending on the assessed value and specific tax rate applied. Homeowners in North Franklin can expect tax bills ranging from $3,021 at the 25th percentile to $5,660 at the 90th percentile. These figures highlight how the tax burden can vary based on the value of the property and the specific circumstances of each homeowner. The highest and lowest median tax bills in the area are both recorded at $3,653 in the zip code 06254, reflecting a uniformity in certain areas. Compared to the national median property tax rate of 0.99%, North Franklin's property tax rates can significantly impact homeowners, influencing their financial planning and overall cost of living.
Average North Franklin Tax Bill
$3,653
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 North Franklin, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06254 | $2,593 | $3,021 | $3,653 | $4,538 | $5,660 |
Source: Ownwell