Understanding the Connecticut Mill Rate Calculator
This Mill Rate Calculator CT tool is designed specifically for Connecticut residents and property owners. Unlike many other states, Connecticut utilizes a uniform assessment ratio across all municipalities, making the calculation process standardized whether you live in Greenwich, New Haven, or Hartford. This calculator helps you estimate your annual property tax liability based on the current mill rate of your specific town.
In Connecticut, property taxes are not calculated on the full market value of your home. Instead, they are calculated on the Assessed Value, which is legally defined as 70% of the fair market value.
How to Calculate Property Tax in CT
The formula for calculating property tax in Connecticut involves three main steps:
- Determine Assessed Value: Multiply your property's Appraised Market Value by 0.70 (70%).
- Apply Exemptions: Subtract any applicable exemptions (such as veterans' benefits) from the Assessed Value to get the Net Taxable Value.
- Apply Mill Rate: Multiply the Net Taxable Value by the Mill Rate, then divide by 1,000.
The Mathematical Formula
The precise math used in our calculator is:
Tax = ((Market Value × 0.70) – Exemptions) × (Mill Rate / 1,000)
What is a Mill Rate?
A "mill" represents one dollar of tax for every $1,000 of assessed property value. The term comes from the Latin word "millesimum," meaning thousandth.
- 1 Mill = $1.00 tax per $1,000 assessment.
- 10 Mills = $10.00 tax per $1,000 assessment.
- 30 Mills = $30.00 tax per $1,000 assessment.
Example Calculation
Let's look at a realistic example for a home in a Connecticut town with a mill rate of 32.50:
- Market Value: $400,000
- Assessed Value (70%): $280,000
- Mill Rate: 32.50
- Calculation: $280,000 × (32.50 / 1000)
- Annual Tax: $9,100
Frequently Asked Questions
Where can I find my town's mill rate?
Mill rates are set annually by each municipality in Connecticut, typically in late spring or early summer. You can find the current mill rate on your town's official website, usually under the Tax Collector or Assessor department pages. Rates vary significantly, ranging from roughly 10 mills to over 70 mills depending on the town/city.
Does this apply to motor vehicles?
Yes, Connecticut also taxes motor vehicles. Generally, the assessment is still 70% of the clean retail value. However, the state has occasionally implemented caps on the mill rate applicable to motor vehicles, which may differ from the real estate mill rate in high-tax municipalities.
What exemptions are available?
Connecticut offers various property tax exemptions. Common ones include exemptions for veterans, active-duty military personnel, the blind, and totally disabled individuals. Some towns also offer senior citizen tax relief programs. You should enter the total dollar amount of these exemptions in the "Exemptions" field above.