Preston, Connecticut Property Taxes
The median property tax rate in Preston, 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 Preston, the typical annual property tax bill reaches $4,743, exceeding the national median of $2,690. Property taxes in Preston 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 Preston'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 Preston 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
Preston, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$4,752
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Connecticut
Property taxes in Preston, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 2.30%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other areas in Connecticut and the national median. For comparison, the zip code 06365 has both the highest and lowest median property tax rate of 2.30%. Understanding how these cities compare with Preston 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 Preston 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 Preston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06365 | 2.29% | 2.29% | 2.30% | 2.30% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Connecticut
In Preston, 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 Preston, 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 06365 has the highest and lowest median tax bill in Preston, both at $4,743.
Average Preston Assessed Value
$206,605
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 Preston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06365 | $139,013 | $165,392 | $206,605 | $266,682 | $323,904 |
Source: Ownwell
Property Tax Bills Across Preston, Connecticut
In Preston, CT, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, determined by local assessors. For example, if a home in Preston has a median home price of $206,605 and the assessed value is set at 70% of the market value, the assessed value would be approximately $144,623. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Preston experience significant variability in their tax bills. At the 25th percentile, property tax bills are around $3,798, while at the 75th percentile, they rise to $6,124. The highest tax bills, at the 90th percentile, reach up to $7,439. These figures highlight how property taxes can significantly impact homeowners, with Preston's median tax bill standing at $4,743, notably higher than the national median property tax rate of 0.99%. This can place a considerable financial burden on homeowners in the area.
Average Preston Tax Bill
$4,743
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 Preston, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06365 | $3,194 | $3,798 | $4,743 | $6,124 | $7,439 |
Source: Ownwell