Old Lyme, New London County, Connecticut Property Taxes
Median OLD LYME, CT effective property tax rate: 2.35%, significantly higher than the national median of 1.02%, but lower than the Connecticut state median of 3.14%.
Median OLD LYME, CT home value: $246,500
Median annual OLD LYME, CT tax bill: $5,609, $3,209 higher than the national median property tax bill of $2,400.
How are property taxes in New London calculated?
Property taxes in OLD LYME, CT are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding OLD LYME’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in OLD LYME, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Old Lyme, New London County, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.35%
Estimate Property Tax Bill
$5,793
$5,376
Property Tax Rates Across Old Lyme, New London County, Connecticut
Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Old Lyme, located in New London County, the effective property tax rate is considerably higher than the national average. This is reflective of the broader trend in Connecticut, where property tax rates generally exceed the national median. The median property tax rate in Old Lyme is also at the highest within its region, highlighting the importance of understanding local tax dynamics.
Connecticut's property tax rates are often among the highest in the nation, making it crucial for property owners to be aware of potential savings through tax appeals and exemptions. By comparing Old Lyme’s property tax rate to the national and state medians, property owners can better grasp their tax obligations and explore opportunities for potential reductions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Old Lyme Tax Rate
2.35%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New London County Tax Rate
2.72%
Median Effective Connecticut Tax Rate
3.14%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Old Lyme, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | 1.95% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Old Lyme, New London County, Connecticut
When examining property taxes in Old Lyme, CT, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The New London County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In New London County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Old Lyme. For example, the median home price in Old Lyme is $246,500, with tax bills ranging significantly across the county. Zip code 06371 has the highest median home price at $246,500.
Property Tax Assessment Values Across Old Lyme, New London County, Connecticut
Source: Ownwell
$86,800
$274,225
$461,650
Median Old Lyme Market Value
$246,500
Median New London County Market Value
$177,100
Median Connecticut Market Value
$189,900
Median United States Market Value
$235,294
Property Tax Assessment Values Across Old Lyme, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $153,590 | $194,125 | $246,500 | $335,100 | $498,070 |
Source: Ownwell
Property Tax Bills Across Old Lyme, New London County, Connecticut
In Old Lyme, CT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in New London County face a median tax bill of $5,609, which is significantly higher than the national median of $2,400. The tax rate applied to the assessed value determines the final bill, and this rate is influenced by factors such as local government budgets and school funding needs. Homeowners can find themselves paying anywhere between $4,453 at the 25th percentile and $11,112 at the 90th percentile, highlighting the variability based on property value and location within the area.
Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and market trends, Ownwell can help ensure that homeowners are not overpaying on their taxes. This service can be invaluable in a high-tax region, potentially saving homeowners hundreds or even thousands of dollars annually.
Property Tax Bills Across Old Lyme, New London County, Connecticut
Source: Ownwell
$2,672
$6,786
$10,900
Median Old Lyme Tax Bill
$5,609
Median New London County Tax Bill
$4,738
Median Connecticut Tax Bill
$6,162
Median United States Tax Bill
$2,400
Property Tax Bills Across Old Lyme, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06371 | $3,466 | $4,453 | $5,609 | $7,598 | $11,112 |
Source: Ownwell