Woodstock, Connecticut Property Taxes
The median property tax rate in Woodstock, CT is 2.24%, considerably higher than both the national median of 0.99% and the Connecticut state median of 3.14%. With the median home value in Woodstock at $217,500, the typical annual property tax bill reaches $4,838, exceeding the national median of $2,690. Property taxes in Woodstock 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 Woodstock'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 Woodstock 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
Woodstock, Connecticut Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$4,872
Ownwell’s Woodstock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodstock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodstock 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 Woodstock, Connecticut
Property taxes in Woodstock, Connecticut, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodstock is 2.24%, significantly higher than both the Connecticut state median and the U.S. national median of 0.99%. Local government entities within Woodstock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodstock 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 Woodstock's effective property tax rate to other counties in Connecticut and the national median. For comparison, the 06281 zip code has both the highest and lowest median property tax rate of 2.24%. Understanding how these cities compare with Woodstock provides valuable insights into the varying tax landscape across Windham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodstock Tax Rate
2.24%
Average Windham County Tax Rate
2.75%
Average Connecticut Tax Rate
3.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodstock, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06281 | 2.09% | 2.24% | 2.24% | 2.24% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Woodstock, Connecticut
In Woodstock, 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 Windham County Assessor 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 Woodstock, 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 Woodstock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 06281 has the highest and lowest median tax bill at $4,838.
Average Woodstock Assessed Value
$217,500
Average Windham County Assessed Value
$144,900
Average Connecticut Assessed Value
$189,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodstock, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06281 | $121,360 | $163,150 | $217,500 | $284,250 | $368,764 |
Source: Ownwell
Property Tax Bills Across Woodstock, Connecticut
In Woodstock, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Woodstock is $217,500. Local tax authorities determine the tax rate, which is applied to the assessed value to calculate the annual tax bill. Various factors influence the tax bill, including property characteristics and market conditions. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $3,640, while the 75th percentile tax bill is $6,324, and the 90th percentile tax bill reaches $8,227. These figures highlight the range of property tax burdens residents might face. The highest and lowest median tax bills in Woodstock are both $4,838, indicating a relatively stable tax environment within the area. Compared to the national median property tax rate of 0.99%, Woodstock's property taxes can be higher, impacting homeowners' overall financial planning and housing affordability.
Average Woodstock Tax Bill
$4,838
Average Windham County Tax Bill
$4,074
Average Connecticut Tax Bill
$6,162
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodstock, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06281 | $2,682 | $3,640 | $4,838 | $6,324 | $8,227 |
Source: Ownwell