How to Calculate Property Tax in CT
Demystify your Connecticut property tax bill. Get a clear guide to calculating what you owe and why.
Property taxes in Connecticut represent a primary revenue source for local governments, directly funding essential services that benefit residents daily. These funds support local schools, public safety departments, and the maintenance of vital infrastructure such as roads and bridges.
Understanding Key Property Tax Terms
The “assessed value” of a property is not its full market price but rather a percentage of it. In Connecticut, state law mandates a uniform assessment ratio of 70% of a property’s fair market value for taxation purposes. This fair market value is determined during a process known as revaluation, which aims to reflect current market conditions.
Another crucial term is the “mill rate.” A mill represents one-tenth of a cent, equating to $1 of tax for every $1,000 of a property’s assessed value. Each municipality’s legislative body, such as a Board of Finance or during a Town Meeting, sets this rate annually based on the town’s budgetary needs. Most real estate within a municipality is subject to property taxation unless specific exemptions apply.
Finding Your Specific Assessment and Mill Rate
Your property’s assessed value is managed by the local Assessor’s Office. This information can typically be found on your town’s official website, often within sections dedicated to the Assessor or online property records. Alternatively, you can contact the Assessor’s Office directly or refer to a previous tax bill, as the assessed value is based on the most recent revaluation.
The mill rate applicable to your property is also determined at the municipal level and can change each fiscal year. This rate is usually published on the town’s official website, often under the Tax Collector, Assessor, or Finance Department sections. It may also be announced in local newspapers or obtained by contacting the Assessor’s or Tax Collector’s Office directly. Confirming the most current mill rate is important, as it directly impacts your tax calculation.
Calculating Your Connecticut Property Tax
The formula for this calculation is: (Assessed Value / 1,000) x Mill Rate = Annual Property Tax Bill. This formula directly converts the mill rate, which is expressed per $1,000 of assessed value, into a dollar amount.
To apply this formula, begin by taking your property’s assessed value. Divide this number by 1,000 to determine how many “mills” are contained within your assessment. Then, multiply this result by your town’s current mill rate. For example, if a property has an assessed value of $210,000 and the town’s mill rate is 30 mills, the calculation would be ($210,000 / 1,000) x 30 = $6,300.
How Revaluations and Exemptions Affect Your Bill
Property revaluations and various exemptions can significantly influence the final amount of your property tax bill. Connecticut municipalities are required by law to conduct revaluations of real estate at least once every five years. These revaluations update the fair market value of properties, which in turn adjusts the assessed value used in the tax calculation. A revaluation ensures that property assessments reflect current market conditions, potentially leading to changes in your assessed value and, consequently, your tax bill.
Property tax exemptions provide certain individuals or situations with reductions in their taxable assessment, which lowers the overall tax owed. Common examples of such exemptions in Connecticut include those available to qualifying veterans, elderly homeowners, or individuals with disabilities. These exemptions reduce the assessed value that is used in the property tax calculation, thereby decreasing the final tax amount. Eligibility for these programs often requires an application process through the local Assessor’s Office.