North Stonington, Connecticut Property Taxes
The median property tax rate in North Stonington, CT is 2.90%, 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 Stonington at $173,285, the typical annual property tax bill reaches $5,024, exceeding the national median of $2,690. Property taxes in North Stonington 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 Stonington'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 Stonington 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 Stonington, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$5,025
Ownwell’s North Stonington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Stonington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Stonington 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 Stonington, Connecticut
Property taxes in North Stonington, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Stonington is 2.90%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within North Stonington set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Stonington 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 Stonington's effective property tax rate to other counties in Connecticut and the national median. For comparison, the zip code 06359 has the highest median property tax rate of 2.90%, while the same zip code also has the lowest median tax rate of 2.90%. Understanding how these cities compare with North Stonington 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 Stonington Tax Rate
2.90%
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06359 | 2.90% | 2.90% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across North Stonington, Connecticut
In North Stonington, 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 Stonington, 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 North Stonington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 06359, both at $5,024.
Property Tax Assessment Values Across North Stonington, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average North Stonington Assessed Value
$173,285
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06359 | $105,105 | $136,570 | $173,285 | $220,028 | $270,473 |
Source: Ownwell
Property Tax Bills Across North Stonington, Connecticut
In North Stonington, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, determined by the town's assessor. This value is then multiplied by the mill rate, which is set by local government authorities and represents the amount of tax payable per thousand dollars of assessed value. Several factors influence the tax bill, including property size, location, and any improvements made. For instance, a median home price in North Stonington is $173,285, and the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $3,959 annually, while those at the 75th percentile could see bills as high as $6,378. For the top 10% of properties, taxes can reach up to $7,841. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in North Stonington, therefore, contribute to the community's overall well-being through their property taxes.
Average North Stonington Tax Bill
$5,024
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 Stonington, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06359 | $3,047 | $3,959 | $5,024 | $6,378 | $7,841 |
Source: Ownwell