Connecticut Property Taxes — Home Value Appraisals — Make Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Connecticut Property Taxes, Home Property Valuation Connecticut Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal. Other books offer lot's of advice but not easy to follow actual examples for all valuation categories. Nothing comes close to this how to manual. Go to your local book shop or Barnes & Noble.com Bestsellers and see if you can find one. We're betting you can't.
The property tax is administered by each city and town in Connecticut. If you have questions about the tax bill or mil rate on your real property (home) or personal property (including your automobile), you should contact the Tax Collector in the town in which the property is located. If you are requesting information on the sale of real property as a result of tax delinquencies or liens, you should also contact the tax collector in the town in which the property is located.
If you have general questions about the property tax, you may contact the Office of Policy and Management, the state agency with oversight authority of the property tax.
4-year Revaluation Program
A revaluation program is undertaken to secure a more equitable distribution of the tax burden, to bring the assessment level up to date, and to modernize assessment procedures. Connecticut law requires that all property be revalued for assessment purposes periodically. A revaluation is required to be completed every four years.
Since revaluation is an impossible tax , and if done properly, so hughly expensive that it would crack the budget, many inequities will result. Previous years assessments are simply rolled over to make the the reassessment jive with state laws.
Estimate of all Taxable Property
The Office of Policy and Management annually develops the full-value estimate of all taxable property within the 169 towns and cities. A ratio of assessment to market value is calculated from real estate sales occurring within each town and city. A separate ratio and full-value estimate is listed for four property types: residential, apartment, commercial/industrial/public utility and vacant land.
Mill Rates
A mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with a assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.
Real Estate Sales Listing
The Office of Policy and Management maintains a listing of all real estate sales with a sales price of $2,000 or greater that occur between October 1 and September 30 of each year. For each sale record, the file includes: location, town, name of buyer, date of sale, property type (residential, apartment, commercial, industrial or vacant land), sales price, and property tax assessment. In addition to the sales data, a table of town codes is included for the 169 municipalities in Connecticut.
Home Value Exemption: State and Local Elderly Tax Credits
State law provides a property tax credit program for Connecticut homeowners who are elderly or totally disabled, and whose incomes do not exceed certain limits. Property tax credit can be up to $1,250 for married couples and $1,000 for single people. Credits are based on a graduated income scale.
Connecticut State Taxes
Two bracket ranging from 3% to 5%.
Sales Taxes
Connecticut imposes a 6 percent state sales tax on the retail sale, lease or rental of most goods (food, prescription & non-prescription drugs exempt).
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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