Franklin, New London County, Connecticut Property Taxes
Median Franklin, CT effective property tax rate: 2.30%, significantly higher than the national median of 1.02%, but lower than the Connecticut state median of 3.14%.
Median Franklin, CT home value: $1,714,970
Median annual Franklin, CT tax bill: $39,393, $36,993 higher than the national median property tax bill of $2,400.
How are property taxes in New London calculated?
Property taxes in Franklin, CT are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Franklin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Franklin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Franklin, New London County, Connecticut Property Tax Bill Calculator
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Property Tax Rates Across Franklin, New London County, Connecticut
Local government entities are responsible for setting property tax rates, which can differ significantly within a state. This variation occurs because each county annually estimates its necessary budget to provide essential services and then divides that by the total assessed value of all taxable properties within its jurisdiction. This calculation determines the property tax rate. Although votes and legislative measures play a role in establishing tax rates and budgets, this is the fundamental process followed each year.
In Franklin, located in New London County, the effective property tax rate is 2.30%, which is notably higher than both the Connecticut state median and the national median property tax rate of 1.02%. This means that property owners in Franklin might face higher tax bills compared to other regions. When considering the national median property tax bill of $2,400, Franklin's elevated rates could result in a more substantial financial commitment for homeowners. Understanding these differences is crucial for property owners who are evaluating their tax obligations and considering potential appeals or exemptions. By being informed, residents can make strategic decisions about their property investments and tax liabilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New London County Tax Rate
2.80%
Median Effective Connecticut Tax Rate
3.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Franklin, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Franklin, New London County, Connecticut
When examining property taxes in Franklin, CT, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The New London County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In New London County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Franklin. For example, the median home price in Franklin is $1,714,970, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Franklin, New London County, Connecticut
Source: Ownwell
$128,800
$283,745
$438,690
Median New London County Market Value
$192,015
Median Connecticut Market Value
$209,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Franklin, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Franklin, New London County, Connecticut
Property Tax Bills Across Franklin, New London County, Connecticut
Source: Ownwell
$2,693
$7,133
$11,573
Median New London County Tax Bill
$5,354
Median Connecticut Tax Bill
$6,666
Median United States Tax Bill
$2,400
Property Tax Bills Across Franklin, New London County, Connecticut
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell