Connecticut is known for having one of the highest property tax rates in the US, second only to New Jersey. Property taxes are based upon a property’s value and while calculations may vary in different parts of the country, they follow a consistent format.

• Norwalk reassesses property values every five years.
• Properties are assessed at 70% of their market value.

The tax rate – also known as the mill rate determines what your annual property tax will be. The mill rate is based upon an individual municipality’s or county’s annual expenses, which can go up or down, but usually go up.

Calculating Tax From Mill Rate

Property taxes are based on a property’s total assessed value, including the land and improvements, or buildings. The assessed value can be found on your assessment notice on your most recent property tax bill or by contacting the city assessor’s office. It can also be found on-line.

The mill rate gives homeowners an idea of how much they will pay in property taxes each year. One mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with an assessed value of $250,000 located in a municipality with a mill rate of 30 mills would have a property tax bill of $7,500 per year.

($250,000 x 30 mills) ÷ 1,000 = $7,500