Andover, Connecticut Property Taxes
The median property tax rate in Andover, CT is 3.13%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Andover, the typical annual property tax bill reaches $5,679, exceeding the national median of $2,690. Property taxes in Andover 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 Andover'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 Andover 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
Andover, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.13%
Estimate Property Tax Bill
$5,681
$5,272
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, Connecticut
Property taxes in Andover, Connecticut, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 3.13%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary across different neighborhoods. Each year, Andover 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. Understanding how Andover's effective property tax rate compares to other areas in Tolland County and the national median provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
3.13%
Average Tolland County Tax Rate
3.34%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06232 | 3.13% | 3.13% | 3.13% | 3.13% | 3.13% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Connecticut
In Andover, 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 Tolland County Assessor's Office 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Andover are both $5,679, with the zip code 06232.
Average Andover Assessed Value
$181,510
Average Tolland County Assessed Value
$164,900
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06232 | $110,390 | $141,715 | $181,510 | $234,045 | $297,598 |
Source: Ownwell
Property Tax Bills Across Andover, Connecticut
In Andover, property tax bills are determined by the assessed value of your home, which is a percentage of its market value. The local tax rate, or mill rate, is then applied to this assessed value. For example, if your home is assessed at $181,510, and the mill rate is set by Tolland County, your property tax bill will be calculated accordingly. Several factors influence the tax bill, including changes in the market value of properties in Andover and any adjustments to the mill rate by local authorities. Homeowners in Andover can expect property tax bills to vary significantly. The 25th percentile tax bill is around $4,434, while the 75th percentile reaches $7,332. For those at the higher end, the 90th percentile tax bill can be as much as $9,312. Compared to the national median property tax rate of 0.99%, Andover's tax rates can be higher, impacting homeowners' annual expenses. It's essential for homeowners to stay informed about local property assessments and tax rate changes to manage their financial planning effectively.
Average Andover Tax Bill
$5,679
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06232 | $3,454 | $4,434 | $5,679 | $7,332 | $9,312 |
Source: Ownwell