How to calculate Property taxes in Connecticut?

How to calculate Property taxes in Connecti

Connecticut property taxes varies by town.  How to calculate property taxes in Connecticut?  Each town sets its own mill rate which is the multiplier used to determine Property Taxes.  To calculate property taxes in Connecticut, you need to know the Assessed Value of the property and the mill rate.

What makes up the Assessed Value?

The Assessed value of a property is 70% of the appraised value.  The appraised value of the property is the price of the property set by the town.  By law, towns must assess properties to 70% of appraised value or fair market value (CGS 12-62a (b))   Usually Town Assessors will determine this by comparing the values of comparable properties and will send an inspector to physically inspect the property.  By law, towns are required to revalue properties at least once every 5 years (CGS 12-62b(1)).  As an example, there was a recent revaluation in Greenwich and I recently got a visitor from the Town Assessor’s office.  The inspector came to conduct an inspection of my property by walking the exterior of my home.  As a result, my property was reassessed because the inspector found a discrepancy in the square footage of my house.

The appraised value is composed of the Land Value and the Building Improvements.  Both of these adds up to total the Appraised value.  Then the appraised value is multiplied by 70% and that becomes the assessed value.

What is the Mill Rate?

Mill rates are adjusted every year by the town.  Most towns publish their mill rates in May.  For example in Greenwich, the Board of Estimate and Taxation sets the mill rate in May of every year which is similar to New Canaan where the Board of Finance sets the mill rate in May.

A mill represents $1 for every $1000 in assessed property value.  For example, Greenwich has a mill rate of 11.369 mills which means a home with a $1,000,000 assessed value has a property tax of $7,500 a year.  Every town sets its own Mill rate.

Here are the 2018 Fiscal Year Mill Rates:

  • Darien 16.16
  • Greenwich 11.369
  • New Canaan 16.669
  • Norwalk 25.682
  • Redding 29.62
  • Ridgefield 27.21
  • Stamford 25.59-26.89
  • Weston 28.91
  • Westport 16.86
  • Wilton 27.7685

As you can see, Greenwich has the lowest mill rate while Weston and Redding has one of the highest mill rates in Lower Fairfield County.

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 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 11.369= $15,916,600

Divide by 1000: $15,916,600/1000= $15,916.60

As you can see, calculating property taxes in Connecticut is pretty straight forward and definitely not as complicated as computing Westchester property taxes.

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