Tolland, Connecticut Property Taxes
The median property tax rate in Tolland, CT is 3.73%, significantly higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With a median home value of $175,600 in Tolland, the typical annual property tax bill reaches $6,555, far exceeding the national median of $2,690. Property taxes in Tolland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Tolland'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 Tolland 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
Tolland, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.73%
Estimate Property Tax Bill
$6,550
$6,078
Ownwell’s Tolland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tolland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tolland 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 Tolland, Connecticut
Property taxes in Tolland, Connecticut, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tolland is 3.73%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tolland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tolland 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 Tolland's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06084 zip code has both the highest and lowest median property tax rate of 3.73%. Understanding how these cities compare with Tolland 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 Tolland Tax Rate
3.73%
Average Tolland County Tax Rate
3.34%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tolland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06084 | 3.73% | 3.73% | 3.73% | 3.73% | 3.73% |
Source: Ownwell
Property Tax Assessment Values Across Tolland, Connecticut
In Tolland, 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 Tolland, 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 Tolland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tolland, the zip code 06084 has both the highest and lowest median tax bill, which stands at $6,555.
Average Tolland Assessed Value
$175,600
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 Tolland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06084 | $121,300 | $138,750 | $175,600 | $227,800 | $278,300 |
Source: Ownwell
Property Tax Bills Across Tolland, Connecticut
In Tolland, 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 property’s market value. For homeowners in Tolland, the median home price is $175,600. The local tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Tolland experience a range of tax bills, with the 25th percentile paying around $5,178 and the 75th percentile facing up to $8,504. At the higher end, the 90th percentile sees tax bills reaching $10,389. Comparatively, the highest and lowest median tax bills in Tolland are both $6,555, reflecting a consistent tax rate across different properties. These property taxes significantly impact homeowners, contributing to the cost of living and influencing decisions on homeownership and property investments.
Average Tolland Tax Bill
$6,555
Average Tolland County Tax Bill
$5,464
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Tolland, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06084 | $4,528 | $5,178 | $6,555 | $8,504 | $10,389 |
Source: Ownwell