Want to calculate your property taxes in Connecticut? Calculate your Connecticut Property taxes using our Connecticut Property Tax Calculator. Taxes are based on the 2020 Fiscal Year Mill Rates. Below you will find our Connecticut Property Tax Calculator using Fiscal Year 2020 mill rates.
Property Taxes in Connecticut: Assessed Value and Mill Rates
In order to calculate your property taxes in Connecticut. You will need the assessed value of your property and mill rates.
What makes up the Assessed Value?
The Assessed Value of a property is 70% of the appraised value. It’s important to know the difference between the Appraised value and Assessed Value.
The appraised value of the property is the price of the property set by the town. Usually, Town Assessors will determine this by comparing the value of comparable properties and will usually send an inspector to physically inspect the property. The appraised value is composed of a Land Value and a Building Improvements Value and the total will be your appraised value. By law, towns are required to revalue properties at least once every 5 years (CGS 12-62b(1)). As part of revaluation, town inspectors from the Town Assessors office will conduct physical inspections of the properties by walking the exterior of the property. If there are discrepancies in square footage or new building improvements, you will be reassessed.
True Story: Click here to find out how a Greenwich resident appealed her property taxes.
Once you know your appraised value, you just take 70% of the appraised value to determine your assessed value. By law, towns must assess properties to 70% of appraised value or fair market value (CGS 12-62a (b))
What is the Mill Rate?
Every town sets its own Mill rate and Mill rates are adjusted every year. Most towns publish their mill rates in May. For example, the Board of Estimate and Taxation in Greenwich sets the mill rate in May of every year.
A mill represents $1 for every $1000 in assessed property value. For example, Greenwich has a mill rate of 11.689 mills which means a home with a $1,000,000 assessed value has a property tax of $11,689 a year.
Here are the 2020 Fiscal Year Mill Rates for Fairfield County Towns and Lower New Haven County Towns:
|Connecticut Towns||FY 2020 Mill Rates|
*Stamford has multiple mill rates. Stamford 2020 Fiscal Year Mill rates range from 25.53 to 26.35.
Which Town has the Lowest Mill Rate in Fairfield County?
As you can see, Greenwich has the lowest mill rate in Fairfield County at 11.682 while Bridgeport has the highest mill rate in Fairfield County at 53.99.
How to Calculate Property Taxes in Connecticut?
This is how to calculate property taxes in Connecticut. First, take the 100% appraised value of the property and multiply by 70% to get the assessed value. Then you multiply the assessed value of the property by the mill rate and divide by 1,000. For example, a property with a 100% appraised value of $2,000,000 in Greenwich will have a property tax of $15,916.60.
Take 70% of Appraised Value: $2,000,000 x 0.70= $ 1,400,000
Multiply Assessed Value by Mill Rate: $1,400,000 x 11.682= $16,354,800
Divide by 1000: $16,354,800 /1000= $16,354.80
As you can see, calculating property taxes in Connecticut is pretty straight forward and definitely not as complicated as computing Westchester property taxes.
Connecticut Property Tax Calculator
Connecticut Property Tax Calculator using Fiscal Year 2020 Mill Rates. Simply input the 100% appraised value of the property and select your town. If you don’t have the exact town’s appraised value then I’d suggest using the purchase price or sale price of the property. The Connecticut Property Tax Calculator below will calculate properties in Fairfield County and Lower New Haven Towns.
*Stamford has multiple mill rates. In the calculator, we used 26.35 as the mill rate for Stamford.
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