Broad Brook, Connecticut Property Taxes
The median property tax rate in Broad Brook, CT is 3.43%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Broad Brook at $528,530, the typical annual property tax bill reaches $18,129, far exceeding the national median of $2,690. Property taxes in Broad Brook 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 Broad Brook'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 Broad Brook or another part of Tolland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broad Brook, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.43%
Estimate Property Tax Bill
$18,129
Ownwell’s Broad Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broad Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broad Brook 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 Broad Brook, Connecticut
Property taxes in Broad Brook, Connecticut, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broad Brook is 3.43%, significantly higher than both the Connecticut state median of 1.79% and the U.S. national median of 0.99%. Local government entities within Broad Brook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broad Brook 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 Broad Brook's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06016 zip code has the highest median property tax rate of 3.43%, while the 06016 zip code also has the lowest median tax rate of 3.43%. Understanding how these cities compare with Broad Brook provides valuable insights into the varying tax landscape across Tolland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broad Brook Tax Rate
3.43%
Average Tolland County Tax Rate
3.34%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broad Brook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06016 | 3.43% | 3.43% | 3.43% | 3.43% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Broad Brook, Connecticut
In Broad Brook, 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 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 Broad Brook, 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 Broad Brook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Broad Brook, both at $18,129, are found in the 06016 zip code.
Property Tax Assessment Values Across Broad Brook, Connecticut
Source: Ownwell
$20,800
$274,665
$528,530
Average Broad Brook Assessed Value
$528,530
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 Broad Brook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06016 | $528,530 | $528,530 | $528,530 | $528,530 | $528,530 |
Source: Ownwell
Property Tax Bills Across Broad Brook, Connecticut
In Broad Brook, located in Tolland County, CT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. In this region, the median home price stands at $528,530. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Broad Brook face a median tax bill of $18,129, which is significantly higher than the national median property tax rate of 0.99%. This high tax bill can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Broad Brook Tax Bill
$18,129
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Broad Brook, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06016 | $18,129 | $18,129 | $18,129 | $18,129 | $18,129 |
Source: Ownwell