Pawcatuck, Connecticut Property Taxes
The median property tax rate in Pawcatuck, CT is 1.91%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Pawcatuck at $242,300, the typical annual property tax bill reaches $4,569, exceeding the national median of $2,690. Property taxes in Pawcatuck 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 Pawcatuck'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 Pawcatuck or another part of New London County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pawcatuck, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$4,628
$4,295
Ownwell’s Pawcatuck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pawcatuck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pawcatuck 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 New London County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pawcatuck, Connecticut
Property taxes in Pawcatuck, Connecticut, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Pawcatuck is 1.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pawcatuck set these rates annually, and they can vary across different neighborhoods. Each year, Pawcatuck 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 Pawcatuck's effective property tax rate to other areas in Connecticut and the national median. For comparison, the ZIP code 06379 has both the highest and lowest median property tax rate of 1.91%. Understanding how these areas compare with Pawcatuck 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 Pawcatuck Tax Rate
1.91%
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 Pawcatuck, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06379 | 1.82% | 1.90% | 1.91% | 1.91% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Pawcatuck, Connecticut
In Pawcatuck, 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 local authorities in New London County 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 Pawcatuck, 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 Pawcatuck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 06379 has both the highest and the lowest median tax bill, valued at $4,569.
Property Tax Assessment Values Across Pawcatuck, Connecticut
Source: Ownwell
$74,200
$894,585
$1,714,970
Average Pawcatuck Assessed Value
$242,300
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 Pawcatuck, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06379 | $170,420 | $198,200 | $242,300 | $325,600 | $438,760 |
Source: Ownwell
Property Tax Bills Across Pawcatuck, Connecticut
In Pawcatuck, located in New London County, CT, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate, or mill rate, is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For homeowners in Pawcatuck, the median home price stands at $242,300. Tax bills can vary significantly, with the 25th percentile at approximately $3,740 and the 75th percentile reaching around $6,124. At the 90th percentile, homeowners might see tax bills as high as $8,223. When compared to the national median property tax rate of 0.99%, Pawcatuck's property tax bills are notably higher, reflecting the area's unique valuation and tax rate structures. This can have a substantial impact on homeowners, influencing decisions on property investments and financial planning.
Average Pawcatuck Tax Bill
$4,569
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 Pawcatuck, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06379 | $3,216 | $3,740 | $4,569 | $6,124 | $8,223 |
Source: Ownwell