Connecticut’s cost of living is relatively high compared to other states in the country. However, it’s also a beautiful state with a lot of benefits. Therefore, you might want to live there. If so, then one way to reduce your living costs a little bit is to look at property taxes. If you find the town or county with the lowest property tax in Connecticut, then you might find it more affordable to live there.
What Are Mill Rates?
Before we talk about finding the lowest property tax in Connecticut, let’s talk about mill rates. What the heck is a mill rate? This is a way of talking about property taxes. Some states, including Connecticut, use mill rates instead of percentages to calculate property taxes. So, for example, a state like Alabama says that its property tax is 0.48%. In contrast, Connecticut talks about mill rates.
A mill rate is a $1 tax per $1000 of a home’s value. So, as the State of Connecticut Office of Policy and Management explains, this means that you first assess the property’s value. Then you multiple that by the mill rate for that area in Connecticut. (Just like percentages within a state, the mill rate varies from place to place within Connecticut.) After that, you divide the number by 1000.
So, the state’s example is that a $50,000 property with a mill rate of 20 would pay $1000 in taxes each year.
Cost of Connecticut’s Property Taxes
Connecticut makes a lot of lists for a high cost of living. Unsurprisingly, they also have high property taxes. Forbes translated the mill rate into percentages in order to compare Connecticut’s property taxes with those in other states. After doing so, they report that Connecticut is in the top five of all states when it comes to property tax rates. They are one of five states that have a rate higher than 2%. However, they were 5th in the Top 5. Therefore, they aren’t the most expensive state when it comes to property taxes. Nevertheless, they’re definitely up there.
Lowest Property Tax in Connecticut by County
Tax Rates actually places Connecticut’s percentage property rate lower than Forbes does. They say its 1.63% of the property value on average. Based on that calculation, they say that the state’s average property tax bill per year is $4738. They go on to report that Fairfield County has the highest property tax, averaging $6221 per year. The lowest property tax in Connecticut according to this source is in Windham County. County residents pay an average of just under $3000 per year.
Lowest Property Tax in Connecticut by Mill Rate
Since Connecticut uses the mill rate, it only makes sense to consider that in calculations. Connecticut Patch did just that. They report that the top five highest mill rates in the state range from 49.50 to 84.51. The highest is in the Torrington Lakeridge Tax District.
In contrast, the two lowest are Salisbury and Greenwich. Salisbury has a mill rate of 11. Greenwich is just above that at 11.49. Of course, the amount you actually pay for property taxes also depends upon the value of your property. Therefore, ask yourself how much home you really need.
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