Connecticut’s property tax system depends on mill charges, representing {dollars} of tax per $1,000 of assessed property worth. This assessed worth, usually a proportion of the property’s market worth, varies by municipality. Consequently, the precise tax burden is determined by each the mill fee and the assessed worth particular to the property’s location. For instance, a property assessed at $200,000 in a city with a mill fee of 20 would have an annual property tax of $4,000.
Funding important municipal companies akin to schooling, public security, and infrastructure depends closely on property taxes. These revenues play a vital function in sustaining the standard of life inside native communities and supporting important public companies that profit residents. Traditionally, property taxes have fashioned a cornerstone of native authorities finance in Connecticut, offering a secure income stream for important companies.
