Sprague, Connecticut Property Taxes
The median property tax rate in Sprague, CT is 2.85%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Sprague at $74,200, the typical annual property tax bill reaches $2,115, which is still below the national median of $2,690. Property taxes in Sprague 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 Sprague'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 Sprague 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
Sprague, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.85%
Estimate Property Tax Bill
$2,115
Ownwell’s Sprague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sprague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sprague 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 Sprague, Connecticut
Property taxes in Sprague, Connecticut, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sprague is 2.85%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Sprague set these rates annually, and they can vary across different neighborhoods. Each year, Sprague 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 Sprague's effective property tax rate to other areas in Connecticut and the national median. For comparison, the ZIP code 06330 has the highest median property tax rate of 2.85%, while the same ZIP code also has the lowest median tax rate of 2.85%. Understanding how these areas compare with Sprague 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 Sprague Tax Rate
2.85%
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 Sprague, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06330 | 2.85% | 2.85% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Sprague, Connecticut
In Sprague, 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 Sprague, 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. The median home price in Sprague is $74,200, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,462, while the 75th percentile tax bill is $2,339. The highest median tax bill in the area is $2,115, found in zip code 06330, which also has the lowest median tax bill at the same value. 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 Sprague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sprague Assessed Value
$74,200
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 Sprague, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06330 | $26,767 | $51,295 | $74,200 | $82,070 | $102,623 |
Source: Ownwell
Property Tax Bills Across Sprague, Connecticut
In Sprague, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, known as the mill rate, is then applied to this assessed value. For example, with a median home price of $74,200, homeowners can expect a range of tax bills depending on their property's assessed value and specific circumstances. At the 25th percentile, the tax bill is around $1,462, while at the 75th percentile, it rises to $2,339. For those at the 90th percentile, the tax bill can reach up to $2,925. These figures illustrate how property taxes can vary significantly within the same area. The highest and lowest median tax bills in the county are both $2,115, indicating a relatively consistent tax rate across various properties. Compared to the national median property tax rate of 0.99%, Sprague's tax bills reflect a localized approach that can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners planning their budgets and long-term financial strategies.
Average Sprague Tax Bill
$2,115
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 Sprague, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06330 | $763 | $1,462 | $2,115 | $2,339 | $2,925 |
Source: Ownwell