Do you know how your property taxes compare to other towns?
In Connecticut, property taxes are calculated by multiplying your home’s assessed value by your town’s mill rate, then dividing that product by 1,000. Home values vary widely throughout our state, and the mill rate compensates for that. Because there are TWO FACTORS at work determining your tax bill (assessed value x mill rate), you cannot simply up and move to a town with a lower mill rate in the hopes of paying less in taxes. If you move to a lower mill rate town, your home’s assessed value will be higher. This will offset any saving you had hoped to achieve. So don’t start packing your bags just yet!