CT Real Estate Barbara Altieri : December 2014

CT real estate REALTOR Barbara Altieri shares market and general information on towns in Fairfield County and New Haven County.

What Are the Taxes on This Property? CT Tax Mil Rates

 

It's the question that every buyer asks and MUST know --

 

What are the taxes on this property? 

 

It's a financially important question.  A buyer's housing purchase budget and approval may only allow for $400 per month in property taxes. If the house taxes are more, the home becomes unaffordable.  The buyer may then need to search in another town with lower taxes or move down in list price.  

 

It is important to note that taxes do vary from town to town.  The same house with similar features that is affordable in one may be unaffordable in another.... due to the taxes.

 

So the answer to the question

 

What are the taxes on this property? 

 

is an essential one.

 

In the state of Connecticut,  each of the 169 cities/towns have their own budgets based upon their individual needs and revenues.

Property tax rates are expressed in mils (interchangeably mills), or thousandths of a dollar. A property tax rate of 22.31 mills results in the payment of $22.31 for each $1,000 of a taxable property's assessed value.

Each town establishes a mil rate to fund the expenses through property taxes. Therefore, each CT town has a different rate as defined in this document showing 2014-15 rates.

 

Connecticut Mil Rates By Town 2014-15

 

But how is this mil rate used to calculate the property tax?

 

The State of CT requires real estate revaluations to be performed every five years.  Each town has a different five-year schedule.   The municipal tax assessor establishes an assessment or value of the property that is equal to 70% of the fair market value.  This value is multiplied by the town mil rate and the product is the annual property tax.

 

Example:

Shelton CT Property Tax

Fair market value upon revaluation         $400,000
Assessed value ($400,000 x 70%)                $280,000
Shelton Mil Rate 2014-15 = 22.31

Annual Property Tax = Assessed value x Mil Rate OR

$280,000 x 22.31 or .02231                            $   6,247

 

While the assessment remains the same for five years. the mil rate is established annually by the elected municipal officials based upon the adopted budget requirements.

 

Many buyers incorrectly assume the market value is the assessed value.   Remember, in CT, the assessed value is 70% of the fair market value as of the date of the last town revaluation.  It is important to note that this figure does not dynamically reflect today's market value.  

 

The only best estimate of a property's market value is to hire an appraiser or Consult a REALTOR for a full market analysis.

 

 

 What Are the Taxes on this Property?  CT Tax Mil Rates

 

 

  

 

Barbara Altieri, REALTOR®
Listing and Buyer's Agent
Certified Short Sales Specialist
RealtyQuest Real Estate Sales and Services Team

Kinard Realty Group
30 Huntington Street, Shelton CT 06484
Office -- 203.929.1752
Cell -- 203.520.6930
Email -- barbara.altieri@realtyquest.com

 

 

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Comment balloon 17 commentsBarbara Altieri • December 28 2014 01:02PM
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