Connecticut property owners face an annual levy based on their property’s assessed value. This assessment, typically a percentage of the market value, is multiplied by the local mill rate (dollars of tax per $1,000 of assessed value) to determine the tax due. For instance, a property assessed at $200,000 in a municipality with a mill rate of 20 would incur a $4,000 tax liability (200 x 20 = 4000).
Accurate determination of this levy is vital for both homeowners and municipalities. Homeowners need to budget accurately and avoid penalties for late or insufficient payments. For municipalities, property taxes represent a critical revenue stream funding essential services like schools, public safety, and infrastructure. Historically, property taxes have been a cornerstone of local government financing in Connecticut, reflecting the principle of local control over services and resources. Understanding the factors influencing these calculations empowers residents to engage informedly in local governance.
