It’s that time again, local property tax assessments. Many communities saw a decrease in property values, which will mean, in many cases, an increase in the mill rate.
Connecticut assesses property, for property tax purposes, at 70% of fair market value, as determined by the tax assessor. By way of example, if the tax assessor determines that your property has a fair market value of $250,000.00 the assessment for property taxes would be $175,000.00 ($250,000.00 x 70%). The mil rate, which is set by the local legislative body, would then be applied to the assessed value, in this example $175,000.00. Assuming the mil rate is 30 mils, the property assessed at $175,000.00 would pay an annual real property tax of $5,250.00 ($175,000.00 x .030).
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