(860)255.8373
Mill Rates & Propety Taxes
Mill rates are the key to calculating the annual property tax on a home. A mill is equal to $1.00 of tax for each $1,000 of assessed value. In Connecticut, the assessed value of a home is equal to 70% of the town's appraised value of the property.
To calculate the annual property tax, multiply the assessment of the property by the mill rate and divide by 1,000.
For example: Let's assume the appraised value of a property is $200,000, and the town's mill rate is equal to 36.5.
- Assessed Value = 70% of Appraised Value = $200,000 x .70 = $140,000
- Annual Property Tax = (Assessed Value x Mill Rate)/1,000 = ($140,000 x 36.5)/1,000 = $5,100
How do I find out the appraised value of a home?
The Town Property Card will show both the assessed and the appraised values of a property. To view the online database of property cards for any town in Hartford County, click here.
Why is the town's appraised value different from the purchase price of the house?
The true maket value of a property is the highest price that a consumer is willing to pay and the lowest price that a seller is willing to accept for a property at a specific point in time. Market value can fluctuate wildly depending on the condition of a property, comparable properties sold in the neighborhood, the motivation of a specific set of buyers or sellers, and the basic laws of supply and demand.
Towns take a more data driven approach to determining a property's value that is less variable over time. It is usually based on town records reflecting the size and condition of the home. The appraiser may or may not enter the property when determining value. While the town appraiser will use comparable sold properies and other market data to calculate a value, it is important to note that this is for a very specific period of time. This number is subject to change only when the town revalues the property - which could be as infrequently as every five years. If there is a big shift on the real estate market, it will not be reflected in town appraisal (or your property taxes) right away.
What is the mill rate in my town?
Mill rates are updated on an annual basis when a town adopts a new budget. Typically it will remain the same for the duration of the fiscal year, which runs from July - June. The mill rates in Hartford County from July 2021 - June 2022 are as follows: