If I had a dollar for every time I am asked what the property tax mil rates are in various Fairfield County CT towns, I’d probably be able to pay my own tax bill for the year. (Well, that’s a stretch….but wishful thinking).
Property tax rates are certainly an important piece of the homebuyer’s criteria for purchase.
Tax rates vary from town to town. In CT the tax rate, or mil (interchangeably ‘mill’) rate, is applied to each $1,000 of assessed value.
The assessed value is established by each town’s tax assessor and is equal to 70% of the fair market value of the property. So, effectively you’re paying taxes on 70% of the value of the property as determined by the town assessor – not 100% as is the misconception.
Here’s an example using the town of Shelton with a mil rate of 18.57.
Tax assessor’s value $300,000 (remember this is 70% of the market value)
Multiply by mil rate 18.57 (use .01851 as a multiplier)
Annual property tax $5,571
Note: To calculate the tax assessor’s fair market value of the property, divide the assessor’s value by 70% (as a decimal)
300000/.7 = $428,571
Here are all the mil rates for Fairfield County CT as of July 1, 2011.
Homebuyers: Please verify rates with the tax assessor of any town you are interested in purchasing a property in.
I hope you find this information useful, especially for those who are thinking of moving or relocating into Connecticut (CT) and are unfamiliar with our taxing system. Free free to contact me with questions.
NOTE: The State of Connecticut, under the provisions of Section 12-62 of the General Statutes, requires real estate revaluations be done every five years.