How are property taxes calculated in Connecticut?

This is a very basic breakdown of how property tax is calculated.

In Connecticut your property tax is calculated using estimated fair market value, tax assessment and your town’s mill rate. Confused yet? Its easiest to explain with an example.

Let’s take a home with a $300,000 market value. In Connecticut tax assessments are 70% of the market value, in this case the home would have a tax assessment of $210,000.

A “mill” is $1 of tax for every $1000 in assessment.  If you have a town with a “mill rate” of 35 it means that for every $1000 in assessment there will be $35 in property tax. So, for this example we would take the tax assessment of $210,000, divide by $1000 and multiply by 35 for an annual property tax of $7350.

I plan on expanding on market value, how and why assessments change, and how your municipality determines your mill rate in future posts.

In the meantime, if you have any questions don’t hesitate to reach out!