Example of New London County Property Tax Calculation
New London County calculates property tax based on the assessed value of a property. The assessed value is determined by the county assessor's office, which takes into account factors such as the size of the property, age of the property, and market conditions in the area. Once the assessed value is determined, the county applies a tax rate to calculate the annual property tax owed. The tax rate varies depending on the town or city in which the property is located, as each municipality sets its own rate. For example, if a property in New London County has an assessed value of $200,000 and the tax rate in that town is 2%, the annual property tax owed would be $4,000. It is important to note that property taxes are used to fund local services such as schools, roads, and emergency services. Paying property taxes is an important responsibility of owning property, and failure to pay can result in penalties and even foreclosure of the property.
If you want appeal your property tax assessment - contact your local tax assessor.
New London County Property Tax Rates
The following table shows the Property Tax rates per $100 of assessed value for New London County:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| City of Groton | $25.77 |
| Town of Stonington | $23.82 |
| Town of Ledyard | $26.90 |
| Town of Waterford | $24.82 |
| Town of Montville | $32.82 |
| Town of East Lyme | $23.82 |
| Town of Norwich | $40.05 |
| Town of Salem | $25.73 |
| Town of North Stonington | $27.81 |
It's important to note that property tax rates can vary based on a variety of factors including location and property value, so it's best to consult with a tax professional for a personalized assessment.
Who sets property tax rates in New London County ?
Who sets property tax rates in New London County?
The property tax rates in New London County are set by the local government authorities, specifically the Board of Selectmen and the Board of Finance. These boards work together to determine the appropriate property tax rates for funding various local government services, including schools, public safety, infrastructure, and other community needs.
When are property tax rates set in New London County?
In New London County, property tax rates are typically set annually and are based on the assessed value of the property. This process usually takes place during the budget approval process, which occurs in the spring and summer months. Property owners are notified of any changes to their property tax rates prior to the start of the new fiscal year, which begins on July 1st in Connecticut.
How are property tax rates calculated in New London County?
Property tax rates in New London County are based on a variety of factors, including the assessed value of the property, the local tax levy, and the tax rate set by the Board of Selectmen and the Board of Finance. Property owners can find out more information about their specific property tax rates by contacting the local tax assessor's office or by visiting the county website.
How is New London County Property Tax penalty calculated ?
New London County calculates property tax penalties based on the amount of unpaid taxes and the duration of the delinquency. The penalty rate is set by the state of Connecticut at 1.5% per month, or 18% per year, on any unpaid balance.
Here's an example:
- Property A has an assessed value of $200,000 and a tax rate of 2%. The annual property tax owed on this property is $4,000.
- The property owner fails to pay the full amount by the due date of July 1st.
- As of August 1st, the property owner owes the full $4,000 plus a penalty of $60 (1.5% of $4,000).
- If the tax remains unpaid by September 1st, an additional penalty of $60 (1.5% of $4,000) will be added, bringing the total owed to $4,120.
The penalty will continue to accrue each month until the taxes are paid in full. It's important for property owners to stay current on their taxes to avoid penalties and potential legal action.
Homestead exemptions in New London County ?
To provide valuable information to homeowners living in New London County, Connecticut, the following table includes all county-specific Homestead exemptions and deductions:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Regular Homestead Exemption | All homeowners | Up to $75,000 | Applies to primary residence |
| Additional Veteran's Exemption | Veterans or spouses of deceased veterans | Up to $10,000 | Must have served during wartime |
| Totally Disabled Veteran's Exemption | Totally disabled veterans or spouses of deceased veterans | Up to $5,000 | Must have served during wartime |
| Elderly and Totally Disabled Homeowners Exemption | Homeowners over 65 or totally disabled | Up to $1,000 | Based on income and assessed property value |
| Blind Homeowners Exemption | Blind homeowners | Up to $3,000 | Based on income and assessed property value |
It's important to note that homeowners must apply for these exemptions through the New London County Assessor's Office. They also must meet eligibility requirements and provide all necessary documentation.
Having these exemptions and deductions can significantly lower property taxes for homeowners in New London County, providing much-needed financial relief.
When is New London County Property Tax due ?
New London County residents typically have until the end of the business day on August 1st to pay their property taxes. However, if August 1st falls on a weekend or holiday, the due date will be extended to the next business day.
There are several payment methods available for New London County property tax payments, including:
| Payment Method | Instructions |
|---|---|
| Online Payments | Payments can be made online through the New London County website using e-check or credit card. A convenience fee may apply. |
| Payments can be sent via mail to the New London County Tax Collector's Office. The check should be made payable to the "New London County Tax Collector" and include the property's tax account number. | |
| In-Person | Payments can be made in-person at the New London County Tax Collector's Office during normal business hours. Accepted payment methods include cash, check, or credit card. A convenience fee may apply to credit card payments. |
It is important to note that failing to pay property taxes on time can result in late fees, interest charges, and even legal action. Therefore, New London County residents are strongly encouraged to make their property tax payments in a timely manner using one of the available payment methods.
If you have more questions - contact your local tax collector.
We recommend contacting the New London County Tax Office or a local tax professional for the most up-to-date and accurate information.